Home Highlights May 2013 Year 2013 This

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1. 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...

2. Deduction u/s 80IA - Where a basket of "market values" are available for the relevant period and relevant geographical area where the eligible unit is situated, the...

3. 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...

4. 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...

5. 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...

6. 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 -...

7. Diminution of value and depreciation of closing stock - if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional...

8. 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...

9. 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...

10. Loss arising from Inventory write off - disallowance of shortage in the value of inventory - shortfall in inventory - the assessee has engaged the services of a leading...

11. 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...

12. The case revolves around the rejection of the declared value by customs authorities and the subsequent enhancement of value based on a quotation obtained from a...

13. Valuation - Distinction between "Normal Value" and "Transaction Value" - The observations made in paragraph 84 in the case of Acer India to the effect that ‘transaction...

14. Valuation - inclusion of value of bought out items - it is found that the bought out items have not been attached with the weigh bridge. Even after installation of the...

15. Central Excise and Service Tax Appellate Tribunal (CESTAT) case involving valuation of imported goods - rejection of declared value - enhancement of value. The tribunal...