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2008 (8) TMI 6 - HC - Income TaxProvision for diminution in value of stock - assessee submit that sum debited to P/L account was on account of obsolete stock which he was unable to sell – AO rejected the contention on ground that such a provision can be allowed only when the material is actually sold – held that, on obsolete stock burden of excise would be higher than the value it would realize on sale – tribunal was justified in allowing the loss claimed by the assessee on account of diminution in the value of obsolete stock
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