Revision u/s 263 - under valuation of closing stock - as a ...

Income Tax

July 2, 2019

Revision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower of the cost or the realizable value - increase/decrease in realizable value due to foreign exchange fluctuation has no bearing on valuation of closing stock and will be recover when the stocks are sold - revision order passed by PCIT is without any basis, hence, set aside

View Source

← Previous Next →

Revision u/s 263 - under valuation of closing stock - as a ...

Income Tax

July 2, 2019

You may also like:

Allowability of excise duty u/s 43B r.w. section 145A - valuation of closing stock - MODVAT credit cannot be reduced from the value of opening or closing stock - HC

Whether excise duty is excluded form value closing stock - while disturbing the value of the closing stock the assessing authority could not change the method of...

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

Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a...

Provision for diminution in the value of closing stock – Had it had claimed the net realizable value of closing stock in trading account, the debit of provision for...

Valuation of Shares – shares held by the assessee at the end of the year - The valuation of stock is cost or market value whichever is lower is settled position of law - HC

Inclusion of Excise Duty in valuation of closing stock - AO was right in adding the excise duty in the valuation of the closing stock - HC

Provision for impairment of stocks - method of valuation of stock - inventory consisted of old/used stock which was categorized as defective, but, repairable stock and...

Assessee Bank is entitled to value all the investment at cost prices or market value whichever is lower by treating such investment as stock-in-trade, thus depreciation...

Valuation of closing stock of incentive sugar (free sugar) - One cannot have a stock valuation which converts a capital receipt into revenue income - SC

Quick Updates: