Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Closing-stock valuation based on net realisable value requires supporting material establishing the basis of that value. The High Court found that the assessee had not substantiated its claimed net realisable value, while the Assessing Officer adopted a realisable or market value below cost. The principle of consistency did not apply because there was no change in the valuation method. The appellate authorities' findings on the applicable valuation rate were concurrent findings of fact, raising no substantial question of law. The addition for undervaluation of closing stock was therefore sustained and the tax appeal was dismissed.
Closing-stock valuation based on net realisable value requires supporting material establishing the basis of that value. The High Court found that the assessee had not substantiated its claimed net realisable value, while the Assessing Officer adopted a realisable or market value below cost. The principle of consistency did not apply because there was no change in the valuation method. The appellate authorities' findings on the applicable valuation rate were concurrent findings of fact, raising no substantial question of law. The addition for undervaluation of closing stock was therefore sustained and the tax appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
