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2022 (5) TMI 1530 - AT - Income TaxDisallowance of provision for obsolescence of inventory - valuation of the so-called obsolete inventory and whether the provision of obsolete inventory is allowed or not - HELD THAT:- As respectfully following the order of Hon’ble ITAT [2022 (3) TMI 1518 - ITAT PUNE] we remand the issue to the file of the Assessing Officer with a direction that the provision for obsolete stock to be allowed as deduction subject to Assessing Officer himself satisfying that the valuation is done based on the principle of cost, or market price or net realisable value whichever is less. Accordingly, the Ground No.1 is allowed for the statistical purpose.
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