Diminution in value of inventory - in the case of slow moving ...

Taxpayers can use lower valuation for slow-moving inventory lacking a market.

May 31, 2013

Case Laws Income Tax AT

Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

View Source

← Previous Next →

Diminution in value of inventory - in the case of slow moving ...

Taxpayers can use lower valuation for slow-moving inventory lacking a market.

May 31, 2013

Case Laws Income Tax AT

You may also like:

Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

Reversal of CENVAT Credit - provision for slow/non-moving inventory made - Admittedly, revenue have not been able to identify the details of inventory or asset, for...

Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the...

Disallowance of losses claimed on account of slow moving stocks - valuation - merely for the reason that few parties did not appear before the AO, there is no reason to...

Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

Provision for non-moving inventory - Consistent treatment given by the assessee from year to year with regard to treatment of provision for non-moving inventory in the...

Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

Valuation of Shares – shares held by the assessee at the end of the year - The valuation of stock is cost or market value whichever is lower is settled position of law - HC

Reversal of CENVAT Credit - inputs written off - provision made in the books of accounts on account of Non-Moving Inventory, without reducing the value of inventory -...

Validity of initiation of reassessment proceedings - provision made for slow/non-moving inventory - when the assessee is paying tax at the same rate as in the year under...

Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

Writing off of stock - The action of the AO is a double addition. A figure which was never claimed or allowed as a deduction in the earlier year was added back - The...

The Appellate Tribunal upheld the addition u/s 68 for alleged bogus Long Term Capital Gains due to off-market cash purchase of shares. The taxpayer's claim for deduction...

Valuation of money market and debt securities

Addition u/s 56 (2)(viib) - Valuation of shares - Faire Market Value (FMV) - the assessee has himself filed a valuation certificate before AO and accepted fair market...

Quick Updates: