Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Excessive shortage in the Sesame seeds account - assessee has ...

Case Laws     Income Tax

September 11, 2016

Excessive shortage in the Sesame seeds account - assessee has failed to quantify the shortage/loss due to substandards material - Considering the smallness of the overall percentage which is 0.86%, the balance of convenience is tilted in favour of the assessee - AT

View Source

 


 

You may also like:

  1. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

  2. Imported raw sesame seeds duty-free under Advance Authorization Scheme were allegedly diverted and sold in the local market instead of being used for export production...

  3. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

  4. Procedure for export of sesame seeds to the European Union countries - Notification

  5. Disallowance of loss of material through pilferage, shortage of material in transit, shortage arising on physical verification, etc. - assessee has accounted for both...

  6. Clandestine removal of goods - Shortage of raw materials i.e. Ferro manganese and Ferro Molybdemum – assessee failed to prove burning loss or moisture loss - the...

  7. Disallowance on account of excess shortage/ breakage to 30% - exceptional inventory loss - the assessee has claimed such loss on account of passing of the of the expiry...

  8. Penalty proceedings u/s. 270A for underreporting of income - claim of excessive loss - Since, the assessee has neither claimed any benefit of loss against any other...

  9. Disallowing foreign exchange loss - claim of exchange fluctuation loss in revenue account by the Assessee in accordance with generally accepted accounting practices and...

  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. The loss arising on account of cancellation of forward contract would also be a business loss and therefore the assessee is entitled to claim the said loss in his books...

  12. Disallowance of business loss - fire incident causing the loss - Revenue submitted that even in earlier AYs deductions have been claimed by the Assessee on account of...

  13. The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

  14. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

  15. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

 

Quick Updates:Latest Updates