S. 145A : Method of accounting-Valuation-Under valuation of stock-Value of opening stock lower than admitted during survey-Value of opening stock of finished goods higher than average rate-Entire exercise of valuation adhoc and without any basis-Adjustment too minor to hold assessee attempted undervaluation of stock-Additions not justified.[S.133A]
S. 145A : Method of accounting-Contract receipts-Net of service tax-Exclusive method for accounting-Deduction not claimed-No disallowance can be made. [S. 43B, 145A(a)(ii)]
S. 145 : Method of accounting-Accrual of Liability-Octroi expenses-Accrual of income-Incentives-Amortization of only part payment in profit and loss account-Addition made after reducing part payment accounted for by assessee-Proper-Sales return policy accounted based on sound accounting principles. Deletion of addition by Commissioner (Appeals) is proper.
S. 145 : Method of accounting-Accrual of income-Entitled to receive cold storage charges only on preservation of potatoes in good, marketable condition up to that time-No accrual of cold storage charges over time or right to receive them in part performance of contract-Income for business cycle February to November did not accrue to assessee during February-March-No adjustment for contract period February to November to be made for year ending March-Direct input cost of provision of cold storage charges relating to February and March to be kept in abeyance to be claimed in following year.[S. 4, 5, 37 (1)]
S. 145 : Method of accounting-Chit fund business-Accrual of income-Estimating the commission at five percent of gross chit collection is not proper-Matter remanded. [S. 5]
S. 145 : Method of accounting-Real estate development business–Recognizing income at time of delivery of possession to customer-Applying the percentage method of accounting is not justified.
S. 145 : Method of accounting-Inventory write off-Failure to provide the evidence-Not allowable as deduction. [S. 28(i)]
S. 145 : Method of accounting-No defects in books of account-Estimation of GP was deleted-Forward dated bills duly accounted-Sufficient cash in hand-Deletion of addition is proper. [S.68, 145(3), 153A]
S. 145 : Method of accounting-Work in progress-Notional valuation-Consolidating books of account-Addition is deleted.[S. 69]
S. 145 : Method of accounting-Valuation of stock-Joint venture-Addition on account of construction work-Addition was deleted.