https://www.taxtmi.com/caselaws?id=30267 HC dismissed the appeal, upholding the Tribunal's factual finding that a provision for diminution in value of obsolete stock was justified. The assessee showed the stock had not moved for over three years, could only be sold as scrap, and sale proceeds would be lower than excise duty payable. Applying the lower-of-cost-or-net-realizable-value rule, the provision represented an anticipated diminution in value and was allowable despite the AO's rejection. en-us Mon, 11 Aug 2008 00:00:00 +0530 Tue, 04 Nov 2025 13:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30267 HC dismissed the appeal, upholding the Tribunal's factual finding that a provision for diminution in value of obsolete stock was justified. The assessee showed the stock had not moved for over three years, could only be sold as scrap, and sale proceeds would be lower than excise duty payable. Applying the lower-of-cost-or-net-realizable-value rule, the provision represented an anticipated diminution in value and was allowable despite the AO's rejection. Case-Laws Income Tax Mon, 11 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30267