Loss on obsolescence of stores - the assessee has made a ...

Provision for Store Obsolescence Denied as Expenditure Due to Lack of Scientific Quantification Method.

November 6, 2022

Case Laws Income Tax AT

Loss on obsolescence of stores - the assessee has made a provision towards obsolescence of stores - in the preceding paragraphs, provision cannot be allowed as an expenditure especially when the assessee was unable to show us as to whether such provision was quantified in a scientific basis or not - AT

View Source

← Previous Next →

Loss on obsolescence of stores - the assessee has made a ...

Provision for Store Obsolescence Denied as Expenditure Due to Lack of Scientific Quantification Method.

November 6, 2022

Case Laws Income Tax AT

You may also like:

The assessee failed to substantiate the provision made for freight, material handling charges, and IT support expenses as an allowable expenditure. The assessee merely...

Expenditure towards acquiring and oping of retail outlets / stores - Operations of these stores at various locations is one composite business and once business had been...

Scientific Research Expenditure - Approved Scientific Research Associations/Institutions - National Institute Of Ocean Technology, Chennai - Notification

The ITAT upheld the disallowance of deduction u/s 35(1)(ii) for donations related to scientific research due to raised donations based on forged documents. The Trust...

The Appellate Tribunal addressed various issues: disallowance of provisions for waste disposal expenses due to lack of evidence and scientific basis, upheld disallowance...

CBEC issues clarification regarding transitional provisions relating to Duty Free Shops/ Ship stores /Airline Stores/ Diplomatic Stores

Addition of expenditure on provision for construction cost of various sites in view of mercantile system of accounting - matching concept of accountancy provision -...

Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

The assessee denied the entries representing unaccounted cash expenditure, stating they were merely MIS reports for discussion purposes, containing approximate project...

Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

ITAT adjudicated expenditure classification for machinery hydraulic system replacement. The tribunal determined that replacement of hydraulic system with electrical...

In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

Quick Updates: