Home Highlights March 2014 Year 2014 This

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1. 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

2. 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...

3. 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...

4. 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

5. 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

6. Addition made on account of excise duty not included in the closing stock of the finished goods - Though there might be levy under section 3 of the Excise Act, yet...

7. Addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank - The assessee demonstrated...

8. Provision for diminution in the value of closing stock – Had it had claimed the net realizable value of closing stock in trading account, the debit of provision for...

9. Disallowance on account of valuation of stock u/s 145A - assessee is following exclusive method of accounting for valuing closing stock wherein unutilised MODVAT/Cenvat...

10. Revision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower of the cost or the realizable value - increase/decrease in...

11. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

12. 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...

13. Addition u/s 145A - valuation of closing stock - Since CENVAT is not available to the assessee then the enhancing the value of semi finished and finished goods in the...

14. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

15. Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the...