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stock writeoff

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(Querist)
12 April 2010 If a pvt ltd company which is in Chemical sale business & sale of tractors is in liquidation, can we writeoff the closing stock to avoid tax liability.?

Please advise........
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kartik_somu

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kartik_somu (Expert)
14 April 2010 stock can be written off only when the same cannot be sold.
IT may disallow when proper justofocation is not provided for write off

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