Confirmation of notional addition – Excise duty added in the ...

Excise Duty Inclusion in Closing Stock: Liabilities Cannot Be Misrepresented as Assets in Financial Statements.

March 24, 2014

Case Laws Income Tax AT

Confirmation of notional addition – Excise duty added in the value of the closing stock of finished goods – a liability cannot be converted into an asset - AT

View Source

← Previous Next →

Confirmation of notional addition – Excise duty added in the ...

Excise Duty Inclusion in Closing Stock: Liabilities Cannot Be Misrepresented as Assets in Financial Statements.

March 24, 2014

Case Laws Income Tax AT

You may also like:

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

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

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...

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

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...

Valuation of Closing Stock - adjustment of excise duty and VAT - addition - assessee contended aforesaid inclusion to be revenue-neutral - Decided in favor of assessee - AT

Addition on account of difference in the closing stock valuation as per section 145A on accounting of non-inclusion of Special Additional Duty (SAD) - It is not...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Valuation of stock - inclusion of duty of excise in the value - Accrual of liability - whether liability to pay excise duty is incurred immediately on manufacture of...

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...

Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

Non inclusion of VAT in the closing stock - there is no impact on the profit or loss on account of non inclusion of VAT in the value of closing stock - addition made by...

TP adjustment - Inclusion of excise duty on the operating revenue for two comparables - By including excise duty in the case of two comparables by the ld. TPO, the...

Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

Valuation of closing stock - inclusion of excise duty element - AO adopted the gross method at the time of purchase, and the net method of valuation at the time of...

Quick Updates: