Revision u/s 263 - under valuation of closing stock - as a ...

Case Laws Income Tax

July 2, 2019

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 realizable value due to foreign exchange fluctuation has no bearing on valuation of closing stock and will be recover when the stocks are sold - revision order passed by PCIT is without any basis, hence, set aside

View Source

← Previous Next →

Revision u/s 263 - under valuation of closing stock - as a ...

Case Laws Income Tax

July 2, 2019

You may also like:

Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a...

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...

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...

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...

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

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...

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...

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...

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...

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...

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

Valuation of the closing stock - valuation method of "At cost" which is changed to "At cost or market value whichever is less‟ is more prudent - Change in the...

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...

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...

Valuation of the closing stock of scrap - AO is not justified in valuing the closing stock of packing materials representing scrap based on the scrap sales made in...

Quick Updates: