https://www.taxtmi.com/caselaws?id=151484 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal regarding the disallowance of Rs. 3,54,52,494 for obsolete inventory items and the adjustment to "book profit" u/s 115JA due to the write-off of the inventory. The Tribunal held that the assessee's write-off was justified based on the effective date of the scheme of arrangement and the ownership transfer. The Tribunal also upheld the deduction of the withdrawn amount from reserves for computing book profit u/s 115JA. The order was pronounced on July 31, 2008. en-us Sun, 31 Aug 2008 00:00:00 +0530 Fri, 19 Jan 2018 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151484 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal regarding the disallowance of Rs. 3,54,52,494 for obsolete inventory items and the adjustment to "book profit" u/s 115JA due to the write-off of the inventory. The Tribunal held that the assessee's write-off was justified based on the effective date of the scheme of arrangement and the ownership transfer. The Tribunal also upheld the deduction of the withdrawn amount from reserves for computing book profit u/s 115JA. The order was pronounced on July 31, 2008. Case-Laws Income Tax Sun, 31 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151484