Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG Exploration case held disallowance unsustainable when obsolete inventory prepared as per accounting standards and audited. Jaipur Bench in Gillette case allowed deduction for written off obsolete inventory with ledger codes and details. Legal principle upheld that obsolete stock written off as per audited accounts and accounting standards is deductible expense.
Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG Exploration case held disallowance unsustainable when obsolete inventory prepared as per accounting standards and audited. Jaipur Bench in Gillette case allowed deduction for written off obsolete inventory with ledger codes and details. Legal principle upheld that obsolete stock written off as per audited accounts and accounting standards is deductible expense.
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