Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Value of inventories written off as obsolete disallowed - the ...

Income Tax

December 8, 2014

Value of inventories written off as obsolete disallowed - the inventories were sold in subsequent years for ₹ 5,00,000/-, therefore, the claim of the assessee that these inventories had Nil value as at the end of the year under appeal cannot be accepted - AT

View Source

 


 

You may also like:

  1. Disallowance of obsolete inventory written off - the assessee should produce the details of inventory, year of manufacturing/purchase, how it is to be used and how it...

  2. Provision for obsolete stock - The provision for obsolete stock is allowable but it requires to be satisfied that the value of obsolete items of inventory is valued on...

  3. Addition of write off of inventory - assessee could not file any evidence to prove that whether any report has been submitted to stock exchange and SEBI on this issue -...

  4. Allowability of write off of obsolete and non-usable inventory which is 10% of the total inventory - there can be no denial that assessee is entitled to claim loss...

  5. Disallowance on account of write off of obsolete inventory - the condition for invoking AS-4 is that there should exist a contingency as on the Balance Sheet date and...

  6. Loss arising from Inventory write off - disallowance of shortage in the value of inventory - shortfall in inventory - the assessee has engaged the services of a leading...

  7. Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

  8. Penalty u/s 11AC - procedural lapse - written off of inputs as obsolete in their books of account and did not reverse Cenvat credit pertaining to them - it is a...

  9. Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

  10. Writing off of stock - The action of the AO is a double addition. A figure which was never claimed or allowed as a deduction in the earlier year was added back - The...

  11. Reversal of cenvat credit on goods lost / written off - returned goods - on written off value, Cenvat credit is not admissible - AT

  12. Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the...

  13. Reversal of CENVAT Credit - inputs written off - provision made in the books of accounts on account of Non-Moving Inventory, without reducing the value of inventory -...

  14. Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

  15. Disallowance of Value Added Tax (VAT) written off - assessee has neither routed the impugned write off through its profit and loss account nor does it satisfy the basic...

 

Quick Updates:Latest Updates