https://www.taxtmi.com/caselaws?id=334865 The court ruled in favor of the assessee, allowing the claim of loss on account of valuation of obsolete/slow-moving inventory. The court found that the assessee's valuation of inventory was in accordance with accounting principles, and the loss claimed was justified. The court also noted that the inventory in question had no realizable value and had been properly accounted for in previous years. The appeal of the assessee was allowed in part, with the court deciding in favor of the assessee on the merits of the case. en-us Thu, 03 Nov 2016 00:00:00 +0530 Tue, 22 Nov 2016 15:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334865 The court ruled in favor of the assessee, allowing the claim of loss on account of valuation of obsolete/slow-moving inventory. The court found that the assessee's valuation of inventory was in accordance with accounting principles, and the loss claimed was justified. The court also noted that the inventory in question had no realizable value and had been properly accounted for in previous years. The appeal of the assessee was allowed in part, with the court deciding in favor of the assessee on the merits of the case. Case-Laws Income Tax Thu, 03 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334865