Loss arising from Inventory write off - disallowance of shortage ...

Case Laws Income Tax

October 18, 2021

Loss arising from Inventory write off - disallowance of shortage in the value of inventory - shortfall in inventory - the assessee has engaged the services of a leading professional, who has investigated the matter, found out the methodology adopted for inflating the stock and finally quantified the difference in the value of stock. Hence, we are of the view that the shortage in the value of stock has been ascertained by the assessee in a systematic manner. - AT

View Source

← Previous Next →

Loss arising from Inventory write off - disallowance of shortage ...

Case Laws Income Tax

October 18, 2021

You may also like:

Disallowance on account of write off of obsolete inventory - the condition for invoking AS-4 is that there should exist a contingency as on the Balance Sheet date and...

Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG...

Disallowance of Value Added Tax (VAT) written off - assessee has neither routed the impugned write off through its profit and loss account nor does it satisfy the basic...

Allowability of capital loss as well as the right of deferred tax assets - Disallowance of capital expenditure debited to the profit and loss account - whether CIT-A...

Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

Addition of write off of inventory - assessee could not file any evidence to prove that whether any report has been submitted to stock exchange and SEBI on this issue -...

Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there...

Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

Reversal of Cenvat credit - Inputs found short in factory premises were written off - Shortages written off should be available in the factory prenises for Cenvat credit...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

Value of inventories written off as obsolete disallowed - the inventories were sold in subsequent years for ₹ 5,00,000/-, therefore, the claim of the assessee that...

Loss on write off as receivable - What all therefore the assessee has to demonstrate is an honesty of its intent in effecting the write off - nothing more and nothing less - AT

Disallowance of loss of material through pilferage, shortage of material in transit, shortage arising on physical verification, etc. - assessee has accounted for both...

Allowability of write off of obsolete and non-usable inventory which is 10% of the total inventory - there can be no denial that assessee is entitled to claim loss...

Quick Updates: