Claim of Loss Allowed as Writing Off Stock Neutralizes Assessee's Profitability Due to Overvaluation Impact.

Claim of Loss Allowed as Writing Off Stock Neutralizes Assessee's Profitability Due to Overvaluation Impact. https://www.taxtmi.com/highlights?id=38824 There is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as it has consequential effect. Indeed the profit of the current year shall come down by the amount written off during the year on account of over valuation of closing stock - claim of loss allowed. - AT en-us Tue, 10 Apr 2018 13:28:44 +0530 Tue, 10 Apr 2018 13:28:44 +0530 TaxTMI RSS Generator Claim of Loss Allowed as Writing Off Stock Neutralizes Assessee's Profitability Due to Overvaluation Impact. https://www.taxtmi.com/highlights?id=38824 There is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as it has consequential effect. Indeed the profit of the current year shall come down by the amount written off during the year on account of over valuation of closing stock - claim of loss allowed. - AT Highlights Income Tax Tue, 10 Apr 2018 13:28:44 +0530 https://www.taxtmi.com/highlights?id=38824