Diminution of value and depreciation of closing stock - if the ...

Case Laws Income Tax

November 8, 2019

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 basis. - The items were in fact sold in the subsequent year at a price less than 10% of the cost. It could not be said that valuation of obsolete item made by assessee was not proper.

View Source

← Previous Next →

Diminution of value and depreciation of closing stock - if the ...

Case Laws Income Tax

November 8, 2019

You may also like:

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...

Assessee Bank is entitled to value all the investment at cost prices or market value whichever is lower by treating such investment as stock-in-trade, thus depreciation...

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...

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...

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...

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...

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...

Shares granted under Employees Stock Purchase Scheme (ESPS) had a lock-in period and could not be traded in the open market. The Fair Market Value (FMV) could not exceed...

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

Reopening of assessment u/s 147 for assessing Long Term Capital Gain on sale of land in Financial Year 2005-06. Assessing Officer (AO) adopted full value consideration...

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

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

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....

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...

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...

Quick Updates: