Addition on account of under valuation of closing stock of Yarn ...

Undervaluation of Yarn Stock Leads to Double Taxation; No Revision of Opening Stock Value Ordered by Authorities.

June 10, 2020

Case Laws Income Tax AT

Addition on account of under valuation of closing stock of Yarn - none of the authorities below have given direction to revise the value of the opening stock of the subsequent year. Thus in the absence of such direction, addition made for the year under consideration will again be taxed in the subsequent assessment year which is not desirable as the same income should not be taxed twice under the provisions of the Act.

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Addition on account of under valuation of closing stock of Yarn ...

Undervaluation of Yarn Stock Leads to Double Taxation; No Revision of Opening Stock Value Ordered by Authorities.

June 10, 2020

Case Laws Income Tax AT

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