Death stock and unforssen liability

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Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 what is death stock
what is unforseen liability
example for unforseen liability
difference between contignet liability and unforseen liability

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 August 2011 Dead stock means the stock which has not moved or utilised for a period more than 1, 2, 3 years and there is no likelihood to be used in near future also.

Unforeseen liability is that liability which you are not expecting like your assessment proceeding is on and the assessing officer determines a liability of tax payable on you which you never expected.

Difference between unforeseen and contingent liability is once can be seen and other cannot be seen.

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