https://www.taxtmi.com/caselaws?id=257298 Loose tools consistently treated as inventories under an accepted accounting policy were held to be properly valued as stock-in-trade, with write-off for items not traceable or lost allowed in profit and loss account. The Tribunal noted that the items were small-value tools used in continuous operational replacement, with short useful life and regular wear and tear, so they were not to be recharacterised as capital assets forming part of plant and machinery. On that basis, the Revenue's attempt to confine the claim to depreciation at the rate applicable to plant and machinery was rejected and the addition was not sustained. en-us Fri, 10 Oct 2014 00:00:00 +0530 Mon, 09 Mar 2015 09:18:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257298 Loose tools consistently treated as inventories under an accepted accounting policy were held to be properly valued as stock-in-trade, with write-off for items not traceable or lost allowed in profit and loss account. The Tribunal noted that the items were small-value tools used in continuous operational replacement, with short useful life and regular wear and tear, so they were not to be recharacterised as capital assets forming part of plant and machinery. On that basis, the Revenue's attempt to confine the claim to depreciation at the rate applicable to plant and machinery was rejected and the addition was not sustained. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257298