Hello Frnds!!!
I need a valuable and expert advice on this issue very urgently plsss
Actually as the year end is approaching it has comes to our notice that stock( in tonnage) does not match with physical stock
On going into indepth analysis Following point were notice:
1. Closing stock of FY 2011-12 was not correctly derived it was inflated ( Tonnage wise) as book keeping was not properly done
2. As per above point, Income tax related to that year was paid on very higher side
3. It is excisable stock that is of Dealer case, ( First stage manufacturer) Duty is wrongly passed to customers who on that basis have availed cenvat credit also
4. All banking arrangemnents CC limits were based on that stock
On a whole its a sheer blunder case which will create problems in Income tax, Excise duty as well
Kindly suggest something so as to resolve this mistake in FY 2013-14
Eagerly waiting for your response
Thanks in Advance
CAclubindia
