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Income Tax - Highlights / Catch Notes

Home Highlights March 2019 Year 2019 This

Devaluation of stocks and spares - AS-2 - revaluation of certain ...

Income Tax

March 8, 2019

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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  7. Entitlement to loss on revaluation of the closing stock - a claim which is not substantiated by proper documentation cannot be allowed to the assessee - AT

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