If some stock is not selling for more than 3 years and if you sellit at 10% of the value are questions asked by Vat and IT people?
Menu
unsaleable stock
Replies (1)
As far as Karnataka is concerned there is no special treatment for such transactions as long as the fact the can be proved that the goods were unsaleable and the price of such goods in terms with the quality of the product.
Only in case, where the goods on which input tax credit is availed is destroyed subsequently, input tax relatable to goods destroyed needs to be paid off on such destruction.
Trust the above clarifies the doubt.
Regards
Dharmaraju
Recent Topic
- INCOME TAX DEPARTMENT: DOUBLE STANDARDS
- ITR-4,under presumptive Taxation
- TDS data mismatch with SFT
- Resale of under construction Residential Flat part
- What would be my Salary
- Damage good
- INCOME TAX RETURN
- Form 10E doubt
- LTCG on property sale after 24jul2024
- Should we mention NET INCOME or GROSS INCOME in i
Related Topics
CAclubindia
