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 June 2012 Year 2012 This

Evaluation of closing stock - at Cost price or market price - ...


High Court Rules: Closing Stock Must Be Valued at Cost Price in Firm-to-Company Conversion.

June 28, 2012

Case Laws     Income Tax     HC

Evaluation of closing stock - at Cost price or market price - conversion of partnership firm into a private limited company - closing stock of the erstwhile firm cannot be valued at the market price - HC

View Source

 


 

You may also like:

  1. Conversion of partnership firm into company versus dissolution of firm - Going concern - there was no cessation of business and therefore the closing stock had to be...

  2. 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...

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. GUIDELINES FOR CONVERSION OF COST ACCOUNTANTS FIRMS (PARTNERSHIP/PROPRIETARY) INTO LIMITED LIABILITY PARTNERSHIPS

  8. 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...

  9. Valuation of closing stock - gold and jewellery - AO cannot change the method which was not recognized method as per the prescribed standards for valuation of closing...

  10. 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...

  11. Valuation of stock on discontinuation one business of partnership firm – if the firms were to transfer closing stock especially an item like gold, to an outsider,...

  12. 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...

  13. SEBI introduced a special call auction mechanism for price discovery of listed Investment Companies (ICs) and Investment Holding Companies (IHCs) due to infrequent...

  14. 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...

  15. 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...

 

Quick Updates:Latest Updates