Valuation of stock of spares - The items may be small in nature, ...

Case Laws Income Tax

December 6, 2013

Valuation of stock of spares - The items may be small in nature, may be numerous but each item which is in stores of the assessee is required to be valued - The assessee retains stock of spares for 15 days - additions made by CIT(A) sustained - HC

View Source

← Previous Next →

Valuation of stock of spares - The items may be small in nature, ...

Case Laws Income Tax

December 6, 2013

You may also like:

Rejection of books of account u/s 145(3) - non maintenance of stock register was not sufficient for exercising the power of rejecting the books of the assessee. - It is...

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...

Unexplained investment in stock and spares - Addition u/s 69A - assessee has capitalised stock of stores and spares to the plant and machinery - there is no evidence...

Valuation - non-inclusion of value of Bought Out items received at site - If there was any undervaluation of these items then the demand of duty should have been made on...

Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

Nature of expenditure - purchase of tools and spares - revenue or capital expenditure - The test of enduring benefit is not the only criteria for concluding an item to...

The notification introduces amendments to Para 10.08 of Chapter 10 of FTP 2023, outlining two significant provisions: (1) General Authorization for Export of...

Import of food items - List of “Out of Scope” items as received from FSSAI

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...

The MCPCB (Metal Core Printed Circuit Board) is to be classified under Heading 85.34 (Tariff Item 8534 0000) as 'Printed Circuits' and not under Heading 94.05 (Tariff...

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...

Classification of imported vehicle/ car - misdeclaration - Violations of certain conditions with reference to freely importable items cannot make the items as a prohibited item.

Expenditure on TMB spare parts - Considering the nature of the machine and the items replaced in the machinery, it is clear that the TMB spare parts are consumable in...

Smuggling - Absolute Confiscation - The Appellate Tribunal found that the Customs department failed to prove that the mosquito repellents and ladies garments were...

Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

Quick Updates: