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Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Addition of closing stock - a suspicion has been created of ...

Income Tax

November 10, 2018

Addition of closing stock - a suspicion has been created of being adopted a particular modus operandi by the assessee to inflate purchases and manipulate value of closing stock, but again we do not have any supporting evidence qua this suspicion - Addition restricted to adhoc amount.

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  1. Addition made on account of undervaluation of closing stock - cost of job work charges have not been included - thus the closing stock of the assessee company is suppressed - AT

  2. Modus operandi for tax evasion - Sham transactions - In three days, the assessee himself, who was having no worth, alleged that he borrowed Rs.25.97 lakhs from 148...

  3. Undervaluation of closing stock - non inclusion of excise duty into computation - addition to the income on the ground of undervaluation of the closing stock was wrong - SC

  4. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

  5. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

  6. Reopening of assessment u/s 147 - AO raised a suspicion, as mentioned in the reasons itself, regarding the source of the capital being not genuine or that it may be a...

  7. Undervaluation of closing stock - CENVAT benefit was not available to the assessee therefore enhancement in the value of closing stock on account of CENVAT was not warranted - AT

  8. Addition on stock difference or understatement of sundry debtors - assessee has over stated the values by inflating the unit rates to increase the value of closing stock...

  9. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

  10. Valuation of Closing Stock - adjustment of excise duty and VAT - addition - assessee contended aforesaid inclusion to be revenue-neutral - Decided in favor of assessee - AT

 

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