Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Addition for revaluation of closing stock was contested on the ground that the assessee had previously provided for diminution in value of old/damaged stock and revalued closing stock for the year with a quantified reduction of Rs. 26,88,599, not the higher figure estimated by the AO; the Tribunal accepted the lower figure. The Tribunal found the valuation procedure-branch head physical verification, Director of Societies supervision, auditor approval-scientific and reasonable and, since audited books were not rejected under Section 145(3), held the AO's addition on stock valuation unjustified.
Addition for revaluation of closing stock was contested on the ground that the assessee had previously provided for diminution in value of old/damaged stock and revalued closing stock for the year with a quantified reduction of Rs. 26,88,599, not the higher figure estimated by the AO; the Tribunal accepted the lower figure. The Tribunal found the valuation procedure-branch head physical verification, Director of Societies supervision, auditor approval-scientific and reasonable and, since audited books were not rejected under Section 145(3), held the AO's addition on stock valuation unjustified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
