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P dandekar (Querist)
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25 February 2012 Sir,

WE ARE HAVING STOCK OF COMPUTER PARTS RS.100000/-(APROX)SINCE 2005 WHICH IS TOTALY ABSOLETE.

I HAD ASKED MY COMPANY CA TO W/OFF AS THESE STOCKS ARE OUTDATED AND SIMPLY LYING IN OUR ACCOUNTS WHICH HE IS RELUCTANT TO DO SO.

DO WE HAVE TO PAY VAT ON SCRAP ITEMS.
I WANT TO KNOW HOW TO ADJUST THESE STOCK.

THANKS & REGARDS.
pDANDEKAR

CA Hardik Bunha

CA Hardik Bunha (Expert)
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25 February 2012 no you need not pay to vat on this stock.
It is good to remain this stock into your book of account. it mean depreciation will be claimed.