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Stock write off

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(Querist)
25 July 2012 If we write off obsolete stock of raw material/packing material in books of account, is it allowable as revenue expenses in income tax ? If yes in which section?
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V K Bajaj

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V K Bajaj (Expert)
26 July 2012 The best way is that while compiling the next Balance Sheet and Profit & Loss account value obsolete stock at ZERO in CLOSING STOCK inventory. Automatically the profits would get reduced.

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