Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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 4828 
Join Channel 
