Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 454 - PUNJAB AND HARYANA HIGH COURTDisallowances of provision - Devaluation of stock - Inventory of work in progress and finished goods - The treatment followed by the company was that while determining the manufacturing/trading account valuation of inventory was carried and the realisable value determined - The amount of depreciation/impairment of the finished goods and work in progress had to be reflected separately as per the Accounting Standards – The amount of devaluation has been reflected in the Schedule by reducing the difference between the opening and closing stock and taking the balance to the P & L – Held that:- As concluded from the facts of the case the debit had to be made to the P & L an extra-ordinary item arising out of the devaluation/depreciation of the inventory. Devaluation amount was reflected separately in the P & L only because of the presentation. Tribunal following its earlier order dated 7.11.2008 in the case of the assessee for the A.Ys 2000-01 and 2001-02 passed in ITA Nos.3952 and 2558. The revenue fairly submitted that no appeal had been filed against the aforesaid order of the Tribunal. no question of law much less substantial question of law - In favour of assessee
|