Home Highlights August 2012 Year 2012 This

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1. Devaluation of stocks and spares - AS-2 - revaluation of certain old inventories which were obsolete and non moving items of spares - if based on technical evaluation...

2. 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

3. Disallowance of losses claimed on account of slow moving stocks - valuation - merely for the reason that few parties did not appear before the AO, there is no reason to...

4. Additions of surrendered amount as excess stock during the survey proceedings - During assessment proceedings production of stock register was insisted upon, though the...

5. Classification of goods - ball point pen ink - The Tribunal found that the Central Excise Tariff entries for ball point pen ink are not aligned with the Harmonized...

6. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

7. Classification of goods - rate of GST - Technical Varnish - The Tariff Heading 3215 covers all Goods, including printing ink, writing or drawing ink and other inks,...

8. 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...

9. Addition on account of excess stock - discrepancies in stock records, unaccounted sales - we are satisfied with the documentary evidence that the alleged stock of cotton...

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. Provision for impairment of stocks - method of valuation of stock - inventory consisted of old/used stock which was categorized as defective, but, repairable stock and...

12. Process amounting to manufacture or not - The ink was procured and refilled in the containers and labelled and cleared as such - There is no change in the essential...

13. Bogus purchases of goods - When the entire purchases made from TTPL was available as stock as at the year end, then the disallowance of purchases should result in...

14. Addition for sale of sarki khalli - as alleged assessee has not having any such stock - Goods were received 10 days prior from 17.2.2010 by Poonam Road Lines. So the...

15. Rejection of books of account u/s 145(3) - non maintenance of stock register was not sufficient for exercising the power of rejecting the books of the assessee. - It is...