Addition on account of undervaluation of closing stock - ...

A.O.'s Addition for Undervaluation of Closing Stock Deleted by CIT(A) Due to Unjustified Reliance on Bank Discrepancy.

March 8, 2022

Case Laws Income Tax AT

Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of accounts - the addition made by the A.O. only on this basis that valuation of stock in the statement given to bank was different from the stock mentioned in the books of account was rightly deleted by the Ld. CIT(A). - AT

View Source

← Previous Next →

Addition on account of undervaluation of closing stock - ...

A.O.'s Addition for Undervaluation of Closing Stock Deleted by CIT(A) Due to Unjustified Reliance on Bank Discrepancy.

March 8, 2022

Case Laws Income Tax AT

You may also like:

Undervaluation of closing stock - non inclusion of excise duty into computation - addition to the income on the ground of undervaluation of the closing stock was wrong - SC

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

Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since 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...

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

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Undervaluation of closing stock - the Tribunal ought not to have restricted such addition to 25% without any basis and only by estimating the same in absence of any...

Additions against Over-invoicing of Purchases - The Tribunal found that the AO's selective reliance on pieces of evidence without considering the entirety of the...

The Appellate Tribunal addressed the issue of penalty u/s 271(1)(c) related to the addition of closing stock. The AO levied penalty on an addition u/s 36(1)(iii) that...

Addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank - The assessee demonstrated...

Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher...

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 on stock difference or understatement of sundry debtors - assessee has over stated the values by inflating the unit rates to increase the value of closing stock...

Penalty u/s 271(1)(c) - undervaluation of value of closing stock of diamond by applying average rates - the closing stock of this assessment year would become the...

Quick Updates: