Home Highlights October 2012 Year 2012 This

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1. 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...

2. 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

3. 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

4. Confirmation of notional addition – Excise duty added in the value of the closing stock of finished goods – a liability cannot be converted into an asset - AT

5. There is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as it has consequential effect. Indeed the profit of the current year...

6. Reversal of cenvat credit on goods lost / written off - returned goods - on written off value, Cenvat credit is not admissible - AT

7. Disallowance of stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been...

8. Writing off of scrips of shares held by him as stock – Business loss - the assessee discharged the primary onus and it is for the revenue to rebut the same - claim allowed - AT

9. Loss on wind mills and change in the method of valuation of stock - the assessee was justified in writing off the investment in the windmills as bad debt - HC

10. Additions u/s 41(1) - cessation of liabilities - written off / remitted liabilities - the claim has been filed before BIFR and therefore the same cannot be considered to...