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        Case ID :
        Income Tax

        What are the activities necessary to prepare inventory for its intended sale as per ICDS IX.

        1 September, 2017

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        Manual - ICDS IX : Borrowing Costs

        The activities necessary to prepare inventory for its intended sale would normally include all processes necessary to make the inventory fully functional for its intended use, as well as those processes necessary to render the inventory saleable. It would include processes such as quality control, which indicate whether the inventory is fit for its intended use, and therefore fit for sale. It will also include the process of primary packing of inventory, where the inventory is normally sold in a packed condition.

         

        Inventory preparation processes define activities included in inventory cost when making goods fit and saleable under accounting standards. Activities necessary to prepare inventory for its intended sale include all processes required to make inventory functional for its intended use and to render it saleable, notably quality control to verify fitness for use and primary packing where goods are normally sold in packed condition.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Inventory preparation processes define activities included in inventory cost when making goods fit and saleable under accounting standards.

                              Activities necessary to prepare inventory for its intended sale include all processes required to make inventory functional for its intended use and to render it saleable, notably quality control to verify fitness for use and primary packing where goods are normally sold in packed condition.


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