Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2013 Year 2013 This

Additions to turnover & profit computed in reassessment - AO has ...


High Court Rules AO Cannot Challenge Closing Stock Value Accepted by Commercial Tax Department in Reassessment Case.

March 14, 2013

Case Laws     Income Tax     HC

Additions to turnover & profit computed in reassessment - AO has no jurisdiction to go beyond the value of the closing stock declared by the assessee and accepted by the Commercial Tax Department. - HC

View Source

 


 

You may also like:

  1. Excess stock - difference in value of stock assessed by sales authority and income tax authority - return accepted by the Commercial Tax Department is binding on the I.T....

  2. Addition on account of valuation of stock - AO has no power to scrutinize the return submitted by the assessee to the commercial tax department which has been accepted....

  3. Valuation of closing stock - the action of the AO of changing the method of valuation of closing stock without pointing out any reason for the rejection of valuation of...

  4. 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...

  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. 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...

  7. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

  8. 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...

  9. Regarding Tax rate wise details of closing stock as on 31st March of every year - Notification

  10. 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

  11. 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

  12. 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

  13. Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing...

  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. Computation of closing stock - Merely because the assessee agreed even after the retrieval stock included in the closing stock and considered for computation income in...

 

Quick Updates:Latest Updates