Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2018 Year 2018 This

Provision for non-moving inventory - Consistent treatment given ...

Income Tax

March 13, 2018

Provision for non-moving inventory - Consistent treatment given by the assessee from year to year with regard to treatment of provision for non-moving inventory in the return of income - Disallowance deleted - AT

View Source

 


 

You may also like:

  1. Reversal of CENVAT Credit - provision for slow/non-moving inventory made - Admittedly, revenue have not been able to identify the details of inventory or asset, for...

  2. Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the...

  3. Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

  4. Reversal of CENVAT Credit - inputs written off - provision made in the books of accounts on account of Non-Moving Inventory, without reducing the value of inventory -...

  5. Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

  6. CENVAT Credit - provision made in the books of accounts on account of Non-Moving Inventory, without reducing (writing down) the value of inventory - Rule 3(5B) of Cenvat...

  7. Validity of initiation of reassessment proceedings - provision made for slow/non-moving inventory - when the assessee is paying tax at the same rate as in the year under...

  8. Allowability of write off of obsolete and non-usable inventory which is 10% of the total inventory - there can be no denial that assessee is entitled to claim loss...

  9. Value of inventories written off as obsolete disallowed - the inventories were sold in subsequent years for ₹ 5,00,000/-, therefore, the claim of the assessee that...

  10. Disallowance of obsolete inventory written off - the assessee should produce the details of inventory, year of manufacturing/purchase, how it is to be used and how it...

 

Quick Updates:Latest Updates