Revaluation of Obsolete Inventory Allowed Under AS-2 if Based on Technical Evaluation and Accounting Principles.

Devaluation of stocks and spares - AS-2 - revaluation of certain old inventories which were obsolete and non moving items of spares - if based on technical evaluation deduction is duly allowable. - The method of revaluation cannot be faulted for reason of it having been accepted by accounting principle AS-2. .....

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