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Stock damaged by fire

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 April 2017 Dear Experts,
The stock has been damaged by fire. Plz tell me the accounting treatment of the same,

Also tell me weather the stock loss due to fire is allowed in income tax or not

Regds
Ankur
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
19 April 2017 Charge from Profit and Loss and it shall be allowed in Income Tax

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