Home Highlights October 2018 Year 2018 This

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1. 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...

2. 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...

3. Valuation of closing stock - the action of the AO of changing the method of valuation of closing stock without pointing out any reason for the rejection of valuation of...

4. 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

5. 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

6. Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

7. Valuation of closing stock - Because the assessee is playing this direction/clarification in order to get the matter stated under the Vivad-se-Vishwas Scheme, in the...

8. 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...

9. 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...

10. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

11. Valuation of closing stock - provisions of section 145A has overriding effect on the provisions of section 145 - the said provisions are applicable not only on closing...

12. Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was...

13. The case involves a challenge to the amendment in Section 145A, making it mandatory to adopt FIFO or weighted average cost method for valuing closing and opening stock....

14. Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the...

15. Reopening of assessment u/s 147 was challenged. The Assessing Officer (AO) had disallowed 20% of total sundry creditors in the regular assessment u/s 143(3). The AO...