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Income Tax - Highlights / Catch Notes

Home Highlights March 2013 Year 2013 This

Inclusion of Excise Duty in valuation of closing stock - AO was ...

Income Tax

March 18, 2013

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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  1. Valuation of Closing Stock - adjustment of excise duty and VAT - addition - assessee contended aforesaid inclusion to be revenue-neutral - Decided in favor of assessee - AT

  2. Undervaluation of closing stock - non inclusion of excise duty into computation - addition to the income on the ground of undervaluation of the closing stock was wrong - SC

  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. Valuation of closing stock - unutilized credit of CENVAT account was adjusted against the excise duty payable in respect of sales made – the question of applicability of...

  6. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

  7. 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...

  8. 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...

  9. Valuation of closing stock - inclusion of excise duty element - AO adopted the gross method at the time of purchase, and the net method of valuation at the time of...

  10. 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.

 

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