Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
GST refunds for cancelled air tickets remain available when passenger reimbursements defeat unjust enrichment and credit-note adjustment is unavailabl...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
