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2017 (8) TMI 1443 - ITAT PUNEClaim of deduction against writing off the stock - perishable product - The aforesaid stock relates to business activity which has been discontinued long time back. The assessee has not been able to show as to why obsolete stock was carried forward from earlier years. - As per established accounting principle, the stock has to be valued at cost or net realizable value, whichever is less. Even otherwise it is a trading stock and any trading loss is an allowable expenditure. We do not find any infirmity in the action of assessee in writing off of obsolete stock which was earlier carried forward in the books by the assessee - Claim allowed - Decided in favor of assessee. Claim of depreciation and interest expenditure on flat - Assessee claimed that, though, the said flat was purchased in the name of one of the Directors of the assessee company, but was in fact used for business purposes. - Held that:- the issue raised by the assessee in ground No. 3 of the appeal has been adjudicated by the Tribunal in assessee‟s own case [2016 (4) TMI 857 - ITAT PUNE] in assessment year 2007-08. - Decided in favor of assessee.
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