Home Highlights November 2012 Year 2012 This

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1. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

2. Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

3. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

4. Tribunal was right in law in deleting the addition made on account of difference in stock statement as furnished before the bank as compared to shown in books of account - HC

5. Addition in respect of closing construction work-in-progress (WIP) - Valuation - When there is no change in number of items of inventory of construction WIP as shown in...

6. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

7. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

8. Stock difference - when there is a difference in the value of stock shown in the statement given to the bank and the books of account of the assessee, the assessee is...

9. Difference and discrepancy in the stock - inflated statement of stock with the bankers - there is no discrepancy in the stock statements as appearing from the physical...

10. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

11. Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

12. 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

13. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

14. Undisclosed closing stock - difference in the value of stock shown to the bank and as declared to the income tax department - no addition for the difference in stock as...

15. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...