Undervaluation of closing stock - the Tribunal ought not to have ...

Tribunal Limits Undervaluation Addition to 25% Without Evidence; High Court Declines Intervention Due to Potential Effects.

January 9, 2024

Case Laws Income Tax HC

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 material on record for the same. However, as the addition is in closing stock which would have a cascading effect and the year under consideration is 2011-12, we would not like to interfere in the impugned order of Tribunal on that ground only. - HC

View Source

← Previous Next →

Undervaluation of closing stock - the Tribunal ought not to have ...

Tribunal Limits Undervaluation Addition to 25% Without Evidence; High Court Declines Intervention Due to Potential Effects.

January 9, 2024

Case Laws Income Tax HC

You may also like:

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...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

The Reserve Bank of India has issued a circular (RBI/2024-25/27) regarding investment limits for Foreign Portfolio Investors (FPIs) in debt instruments and Credit...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Valuation of imported Goods - Allowance of discount of 25% to appellant by foreign supplier - related party transaction - remittances made higher than the invoice price...

Valuation of imported goods - electronic goods including branded and non - The tribunal held that the adjudicating authority and the Commissioner (Appeals) failed to...

The ITAT deleted additions based on loose papers containing coded figures, finding them to be mere scribbling without corroborative evidence to establish actual receipt...

The case pertains to an addition made u/s 69 for unexplained investment in agricultural land at Ratlam. The issue revolved around whether the addition was based on...

Addition based on unsubstantiated documents like loose sheets, jottings, and Excel sheets - unaccounted cash receipts from students - cannot be sustained. Statements...

Digital images and Excel files found on partner's phone cannot be relied upon for making additions u/s 69C for unexplained expenditure. Loose papers and documents not...

Levy of penalty u/r 25 of CER - Penalty on Registered Dealers, Unregistered Dealers and Transporters - Availment of fraudulent credit - issuance of Cenvatable invoices...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

The Appellate Tribunal held that the case was selected for "limited scrutiny" based on large cash deposits and property transfers. The addition u/s 56(2)(vii)(b) for the...

Quick Updates: