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2016 (6) TMI 897 - HC - Income TaxApplication of AS-2 of ICAI in valuation of the inventories of the damaged goods - ITAT held that the entire loss or difference in valuation will not be allowable in the year under consideration - Held that:- Learned Counsel for the respondent has taken us to the evidence and contended that the appellant – Company had gone into liquidation and therefore, the Tribunal has not committed any error in arriving at the conclusion as stated above. We have heard learned Counsels appearing for the respective parties and perused the records of the case. Considering the facts of the case, the issue raised in both the Appeals is answered in favour of the assessee
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