https://www.taxtmi.com/caselaws?id=755797 An inventory write-off for obsolete, damaged and expired traded goods was held allowable where it was duly reflected in audited financial statements and supported by stock details and notes to accounts. The Tribunal accepted that identifiable stock particulars and proper disclosure in the accounts established the factual basis for the write-off, and held that disallowance could not be sustained merely on the assumption that the stock had already been valued at cost or net realisable value. On that reasoning, the disallowance was deleted in favour of the assessee. en-us Wed, 10 Jul 2024 00:00:00 +0530 Fri, 19 Jul 2024 07:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755797 An inventory write-off for obsolete, damaged and expired traded goods was held allowable where it was duly reflected in audited financial statements and supported by stock details and notes to accounts. The Tribunal accepted that identifiable stock particulars and proper disclosure in the accounts established the factual basis for the write-off, and held that disallowance could not be sustained merely on the assumption that the stock had already been valued at cost or net realisable value. On that reasoning, the disallowance was deleted in favour of the assessee. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755797