https://www.taxtmi.com/caselaws?id=208011 The ITAT upheld the CIT(Appeals) decisions in a case involving valuation of work in progress and bad debts. The ITAT confirmed that interest should not be included in the valuation of inventories as per Accounting Standard-2. Additionally, the ITAT supported the CIT(Appeals) in deleting the disallowance of bad debts, stating that it is not necessary to prove irrecoverability if debts are written off in the accounts. The ITAT dismissed the department's appeals for the assessment years 2004-05 and 2005-06, affirming the decisions on the valuation of work in progress, bad debts, and interest disallowances. en-us Wed, 27 Oct 2010 00:00:00 +0530 Mon, 02 Jan 2012 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208011 The ITAT upheld the CIT(Appeals) decisions in a case involving valuation of work in progress and bad debts. The ITAT confirmed that interest should not be included in the valuation of inventories as per Accounting Standard-2. Additionally, the ITAT supported the CIT(Appeals) in deleting the disallowance of bad debts, stating that it is not necessary to prove irrecoverability if debts are written off in the accounts. The ITAT dismissed the department's appeals for the assessment years 2004-05 and 2005-06, affirming the decisions on the valuation of work in progress, bad debts, and interest disallowances. Case-Laws Income Tax Wed, 27 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208011