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Income Tax - Highlights / Catch Notes

Home Highlights December 2022 Year 2022 This

Revision u/s 263 - Valuation of closing stock - Just because, ...

Income Tax

December 1, 2022

Revision u/s 263 - Valuation of closing stock - Just because, the AO does not write detailed assessment order in respect of each of the issues and each of the view he has taken and the examination he had taken, it cannot be said that the order passed by the AO is without enquiry. - AT

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  1. Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

  2. Revision u/s 263 - Enhancement of valuation of closing stock - assessee could not point out any defect or discrepancy in the recomputation made by Pr. CIT for...

  3. Reopening of assessment - Applicability of section 145A - valuation of closing stock - Not open for AO to reexamine the entire issue which would be merely on the change of opinion.

  4. 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...

  5. Revision u/s 263 - the issue was duly considered by Ld. AO after considering assessee’s detailed submissions. The view could not be said to be unsustainable view and it...

  6. 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

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  8. Revision u/s 263 - Deduction u/s 80IC - Since, AO had not expressed any view in that behalf as is discernible from the assessment order, revision order sustained.

  9. Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

  10. Revision u/s 263 - Merely because that the AO did not discuss these details in the assessment order does not mean that he has not applied his mind.

 

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