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          Income Tax

          What is the definition of “Inventories”?

          FAQs on ICDS

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          Inventories definition under income tax clarifies assets held for sale, in production, or as materials consumed. Inventories comprise assets held for sale in the ordinary course of business; in the process of production for such sale; and in the form of materials or supplies to be consumed in the production process or in the rendering of services.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Inventories definition under income tax clarifies assets held for sale, in production, or as materials consumed.

                                  Inventories comprise assets held for sale in the ordinary course of business; in the process of production for such sale; and in the form of materials or supplies to be consumed in the production process or in the rendering of services.


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