Tag: stock valuation
Rejection of books of accounts for non maintenance of stock register or incorrect valuation method or non compliance with accounting standard not sufficient. ABCAUS Case Law Citation:ABCAUS 3328 (2020) (07) ITAT Important case law relied upon by the parties:ACIT vs. Yerra Nagabhushanam (1997) 226 ITR 843, 849 (AP)Kunhambu …
Value of goods lying at port but not exported can be at cost or market price at the option and regular practice of the assessee. SC dismisses SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3047 (2019) (07) SC The Revenue had challenged the order of the Tribunal …
No Penalty u/s 271(1)(c) for addition on account of closing stock valuation by adopting a different method when there is no change in method of valuation ABCAUS Case Law Citation: ABCAUS 2775 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties M/s Janta Construction Co. vs. …
Rejected goods cannot be considered for valuation of closing stock. Therefore there was concealment of income or furnishing of inaccurate particulars of such income ABCAUS Case Law Citation: ABCAUS 2561 (2018) (10) ITAT In the instant case, the appellant assessee had filed the appeal against the order of …
Rejection of books of account for non inclusion of freight and cartage in the value of the closing stock had distorted the correct figure of profit. Therefore, the AO was within his right to reject the books of accounts u/s 145(3) ABCAUS Case Law Citation: ABCAUS 2547 (2018) …
CIT not justified in disturbing consistent method of closing stock valuation by invoking revisionary jurisdiction u/s 263 ABCAUS Case Law Citation: ABCAUS 2526 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: United Commercial Bank vs. CIT (1999) 240ITR 355 (SC), CIT vs. British Paints …
Concealment penalty for change in method of stock valuation deleted by ITAT. Lower of Cost or market price method was as per ICAI guidelines and was consistently followed thereafter ABCAUS Case Law Citation: ABCAUS 2497 (2018) 08 ITAT The aforesaid appeal was filed by the assessee against impugned …
Change in closing stock to include VAT-Excise us 145A required corresponding adjustments for opening stock, Payment of Excise and VAT out of Cash/Bank but not debited in P & L Account – ITAT ABCAUS Case Law Citation: ABCAUS 2128 (2017) (11) ITAT The Assessing Officer (AO) noted …
