Home Highlights December 2013 Year 2013 This

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1. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

2. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

3. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

4. Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

5. Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher...

6. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

7. Stock difference - when there is a difference in the value of stock shown in the statement given to the bank and the books of account of the assessee, the assessee is...

8. 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...

9. Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

10. Addition on account of loss of sales of stock - assessee did not submit any stock statement and the bank considered the stock of the company as Nil - The expert has...

11. Addition on stock difference or understatement of sundry debtors - assessee has over stated the values by inflating the unit rates to increase the value of closing stock...

12. Difference and discrepancy in the stock - inflated statement of stock with the bankers - there is no discrepancy in the stock statements as appearing from the physical...

13. Tribunal was right in law in deleting the addition made on account of difference in stock statement as furnished before the bank as compared to shown in books of account - HC

14. Valuation of stock – discrepancy between stock statements filed in Bank and stock shown in books of accounts - The assessee's income is to be assessed not on the basis...

15. Difference in value of stock – Books of accounts prepared in regular course of business have got presumption of truth whereas no such presumption is available to stock...