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provision for damaged stock

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(Querist)
29 May 2010 can we make the provision for damaged stock in the books of account? whether it is allowable expenditure under income tax ? if yes give case law citation
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Deepak Goel

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Deepak Goel (Expert)
30 May 2010 There is no specific provision in income tax but you can valuation of closing stock. Closing stock valuation should be done cost price or market price. So you can made valuation on market price because market valuation is then cost price due to damaged stock.
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