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Articles by Manoj Pala

Inventory write downs vis-a-vis Rule 3 (5b) of CCR

Posted by Manoj Pala 03 August 2011 14439 Views

Inventories are measured at the lower of cost or net realizable value (NRV). If the NRV falls below the recognized costs pf an inventory item, the respective inventory items must be measured. Inventory write-downs should reflect the estimated loss i

Rule 3 (5b) of Cenvat Credit Rules ... Post Budget 2011

Posted by Manoj Pala 28 July 2011 25563 Views

Notwithstanding the technicality of the law viz: the point of discussion Provision for write of inventory, we opine that in the subject matter the spirit of the law in principle might prevails over the technicality of the law and which