Stock addition case
This query is : Resolved
11 December 2012
Dear expert Pls resolve below query-
We are automobile manufacturer of two wheelers. We had written off stock and raw materials by a specific % in AY 2007-08.
AO had disallowed this stock write off.
Please share any case study or section reference where in its mentioned that such write off are allowed in IT.
We are automobile manufacturer of two wheelers. We had written off stock and raw materials by a specific % in AY 2007-08.
AO had disallowed this stock write off.
Please share any case study or section reference where in its mentioned that such write off are allowed in IT.
11 December 2012
No case law available for adhoc / blind write off. You need to prove that the stock written off is ....say worn out, market price is near ZERO... obsolete and so on. Adhoc write off may not be allowed.
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