https://www.taxtmi.com/caselaws?id=345930 The note discusses ITAT Delhi principles on stock valuation, bad debts, depreciation, and disallowances under sections 40(a)(ia) and 43B. Where closing stock cannot be precisely verified from complete quantitative and qualitative records, a reasonable estimate of understatement in gross profit or stock value may be made. A debt written off in the books is allowable without proving actual irrecoverability after the statutory amendment, and interest receivable earlier offered to tax may also qualify as a bad debt. It further notes that a boiler falling within energy-saving devices is eligible for depreciation at 80%, and that relief under sections 40(a)(ia) and 43B depends on the legal sustainability of the disallowance. en-us Wed, 05 Apr 2017 00:00:00 +0530 Fri, 28 Jul 2017 23:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345930 The note discusses ITAT Delhi principles on stock valuation, bad debts, depreciation, and disallowances under sections 40(a)(ia) and 43B. Where closing stock cannot be precisely verified from complete quantitative and qualitative records, a reasonable estimate of understatement in gross profit or stock value may be made. A debt written off in the books is allowable without proving actual irrecoverability after the statutory amendment, and interest receivable earlier offered to tax may also qualify as a bad debt. It further notes that a boiler falling within energy-saving devices is eligible for depreciation at 80%, and that relief under sections 40(a)(ia) and 43B depends on the legal sustainability of the disallowance. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345930