a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD
The learned AR argued the assessee was entitled to raise additional ground of appeal before the Tribunal, even though the claim had not been made either before Income-tax Officer/AO or the First Appellate Authority. It was further argued that the additional ground of appeal raised by assessee was purely legal in nature.
Nowadays Social Media is abuzz with an Alleged Show Cause Notice for Penalty for non-issuance of Tax Invoice, issued under APGST Act, 2017 by Anantapuram Division, Dharmavaram Circle, Department of State Tax, Government of Andhra Pradesh dated 05.09.2017 by which department has proposed to levy a Penalty of Rs. 20000/- for Tax Evasion of Rs. 15. […]
