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Income Tax - Highlights / Catch Notes

Home Highlights September 2018 Year 2018 This

Addition u/s 145A - adjustment of closing stock of the assessee ...

Case Laws     Income Tax

September 29, 2018

Addition u/s 145A - adjustment of closing stock of the assessee by duty and taxes etc. in the form of CENVAT - In the absence of any impact on the profitability of the assessee per se due to exclusive method of accounting followed, no addition can be made.

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  1. 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...

  2. 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...

  3. 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

  4. Addition u/s.145A - though the assessee is following the exclusive method of accounting which is contrary to the provisions of section 145A but the effect of the same...

  5. 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

  6. Undervaluation of closing stock - CENVAT benefit was not available to the assessee therefore enhancement in the value of closing stock on account of CENVAT was not warranted - AT

  7. Adjustment of Excise Duty on purchase, sales and closing stock u/s 145A are required to be made - AT

  8. 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...

  9. 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...

  10. Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

  11. The assessee followed the correct method of valuing inventory by excluding recoverable VAT from the cost of purchases and inventory, in compliance with Accounting...

  12. 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...

  13. 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

  14. Addition made u/s 145A - adjustment of closing stock value with Excise duty amount - Compliance of provisions of sec. 145A in part only, would give misleading result. - AT

  15. Addition made on account of undervaluation of closing stock - cost of job work charges have not been included - thus the closing stock of the assessee company is suppressed - AT

 

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