TMI BlogThere is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as...There is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as it has consequential effect. Indeed the profit of the current year shall come down by the amount written off during the year on account of over valuation of closing stock - claim of loss allowed. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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