https://www.taxtmi.com/caselaws?id=797365 Inventory impairment for unused biomass and coal may be recognised where prolonged open-yard storage causes deterioration in quality, calorific value and marketability. Valuation at cost or net realisable value, whichever is lower, can support a consistently applied reduction that reasonably reflects diminished inventory value and aligns with Ind AS 2 and ICDS II. Where an under-reporting penalty is based solely on a disallowed impairment claim, deletion of the underlying quantum addition removes the basis for the penalty. The assessed loss must consequently be recomputed after allowing the impairment claim. en-us Wed, 04 Feb 2026 00:00:00 +0530 Fri, 21 Aug 2026 08:28:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797365 Inventory impairment for unused biomass and coal may be recognised where prolonged open-yard storage causes deterioration in quality, calorific value and marketability. Valuation at cost or net realisable value, whichever is lower, can support a consistently applied reduction that reasonably reflects diminished inventory value and aligns with Ind AS 2 and ICDS II. Where an under-reporting penalty is based solely on a disallowed impairment claim, deletion of the underlying quantum addition removes the basis for the penalty. The assessed loss must consequently be recomputed after allowing the impairment claim. Case-Laws Income Tax Wed, 04 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797365