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Loss on revaluation of obsolete inventory done on basis of technical evaluation allowable: HC

March 12, 2019[2019] 104 taxmann.com 57 (Kerala)/[2019] 262 Taxman 334 (Kerala)

IT: Where assessee company reduced value of obsolete items of stocks and spares on basis of recommendation of expert committee of officers appointed by board of assessee company in this regard whose findings were supported by technical evaluation, assessee would be entitled to claim loss on account of such revaluation of obsolete inventory

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