https://www.taxtmi.com/article/detailed?id=92 Valuation of scrap and obsolete stock should be pragmatic because small year end valuation differences mostly defer tax across accounting periods and are neutral overall. Where valuation is supported by audit certification and the same values are reflected as opening stock in the next year, subsequent lower realisation supports the taxpayer's method and undermines arbitrary upward additions. Bona fide, consistently applied changes in accounting method for valuation are permissible when justified by market, legal or operational reasons. en-us Sun, 13 Apr 2008 00:00:00 +0530 Thu, 20 Jan 2011 11:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=92 Valuation of scrap and obsolete stock should be pragmatic because small year end valuation differences mostly defer tax across accounting periods and are neutral overall. Where valuation is supported by audit certification and the same values are reflected as opening stock in the next year, subsequent lower realisation supports the taxpayer's method and undermines arbitrary upward additions. Bona fide, consistently applied changes in accounting method for valuation are permissible when justified by market, legal or operational reasons. Articles Income Tax Sun, 13 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=92