Addition of revaluation of closing WIP - the work in progress ...

Case Laws Income Tax

June 1, 2019

Addition of revaluation of closing WIP - the work in progress followed at cost + net profit so as to bring the contract revenue for the period lying with the requirement of AS 7 as prescribed by ICAI and adopted u/s 145 - method of accounting consistently followed year after year - adhoc addition wrongly made

View Source

← Previous Next →

Addition of revaluation of closing WIP - the work in progress ...

Case Laws Income Tax

June 1, 2019

You may also like:

Addition in respect of closing construction work-in-progress (WIP) - Valuation - When there is no change in number of items of inventory of construction WIP as shown in...

Unexplained reduction in closing work in progress - As there was a difference on account of change in following of accounting standard from AS 7 to AS 9 in the valuation...

Addition based on statement recorded during the course of survey action u/s. 133A - AO proceeded with making of addition based on the mere statement given by the...

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...

Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

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...

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

Revaluation of closing stock routed through profit and loss account - revaluation of Fixed Assets does not lead to any taxable income of an Assessee - HC

Disallowance of interest expenses u/s. 36(1)(iii) - disallowance of financial cost attributable to capital work in progress and project work in progress - In case, the...

Disallowance of prior period interest expenses - As assessee had included the same in the closing work-in-progress in AY 2012-13. Hence this is a clear case of omission...

TP adjustment - The TPO has not given any reason as to why he altered the aggregate amount of Net profit. Hence the workings made by TPO is liable to rejected. We have...

Royalty Benchmarking - assessee had adopted TNMM at the entity level in which process royalty payment is considered as closely linked transaction and part of operating...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Addition of gross profit instead of net profit from the sale of Ghee - It was the duty of the revenue to pinpoint the infirmity in the expenses apportion by the assessee...

Quick Updates: