Valuation of closing stock of land - change in method of ...

Valuation of Land Under Litigation Must Reflect Actual Status, Not Cost or Market Price, Despite Defects.

June 1, 2018

Case Laws Income Tax AT

Valuation of closing stock of land - change in method of valuation - land under litigation/encroachment - cannot be valued at the cost or prevailing market price, rather its value would be very less due to defects and deficiency of not available to the assessee for immediate use neither be valued at nil - thus value is to be determined on the basis of the actual status - AT

View Source

← Previous Next →

Valuation of closing stock of land - change in method of ...

Valuation of Land Under Litigation Must Reflect Actual Status, Not Cost or Market Price, Despite Defects.

June 1, 2018

Case Laws Income Tax AT

You may also like:

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

Indexed cost of acquisition disallowed based on DVO report u/s 142A. Assessee's valuer determined cost at Rs. 89,800 per sq. yard, DVO at Rs. 72,000 per sq. meter....

u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an...

Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

Valuation - includability or otherwise of the value of the free-of- cost components - Normally, the cost price of a product would take into account the purchase cost of...

Valuation of imported goods - rejection of declared RSP - There is nothing on record to show that the price labels were affixed to the imported goods and sold in the...

Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of...

This circular modifies the valuation methodology for repurchase (repo) transactions, including tri-party repo (TREPS), by mutual funds. Previously, repo transactions up...

Valuation of imported goods - rejection of declared value - enhancement of value - The prices may fluctuate on account of the vagaries of market but the contractual...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

The High Court examined the method of valuation of stock and the application of the principle of consistency and regularity. It held that while the principle of...

Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

Valuation - works contract - construction of complex / flats - Deduction of land cost - land cost allowed to be deducted - HC

Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

Quick Updates: