Obsolete Stock Scrap Value Must Be Considered in Current Year Using Mercantile Accounting System, Not Deferred Until Sale.

Obsolete Stock Scrap Value Must Be Considered in Current Year Using Mercantile Accounting System, Not Deferred Until Sale. https://www.taxtmi.com/highlights?id=14567 Obsolete Stores/Stock - the assessee was following mercantile system of accounting and hence, scrap value had to be considered in the present year itself and it could not be deferred till the actual sale of scrap - the scrap value of stock had to be considered as opening stock in the year of sale. - AT en-us Wed, 18 Sep 2013 10:02:53 +0530 Wed, 18 Sep 2013 10:02:53 +0530 TaxTMI RSS Generator Obsolete Stock Scrap Value Must Be Considered in Current Year Using Mercantile Accounting System, Not Deferred Until Sale. https://www.taxtmi.com/highlights?id=14567 Obsolete Stores/Stock - the assessee was following mercantile system of accounting and hence, scrap value had to be considered in the present year itself and it could not be deferred till the actual sale of scrap - the scrap value of stock had to be considered as opening stock in the year of sale. - AT Highlights Income Tax Wed, 18 Sep 2013 10:02:53 +0530 https://www.taxtmi.com/highlights?id=14567