provision for damaged stock
This query is : Resolved
29 May 2010
can we make the provision for damaged stock in the books of account? whether it is allowable expenditure under income tax ? if yes give case law citation
30 May 2010
There is no specific provision in income tax but you can valuation of closing stock. Closing stock valuation should be done cost price or market price. So you can made valuation on market price because market valuation is then cost price due to damaged stock.
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