trade other than the securities referred to in sub-
clause (b), consumable stores or raw materials held for the
purposes of his business or profession ... trade [other than the securities referred in sub
clause(b)] consumable stores of raw materials held for the
purposes of his business or profession.
From
confirmed by the learned
CIT(Appeals) out of freight charges and consumable stores respectively.
3. The assessee in the present case is a company which ... said return, freight
charges amounting to Rs.2,81,152/- and consumable stores amounting to
Rs.2,43,307/- were debited by the assessee. During
specifications they provide. The
assessee with regard to valuation of stores, spares and consumables had
followed the accounting policy to charge off as expenditure ... total income of the assessee towards closing stock of
spares , stores and consumables for the Asst Year 2010-11. This action
dies, moulds and
spare parts for maintenance and the cost of consumable stores.
(ii) the cost of installation of plant and machinery;
(iii) cost ... that the cost of installation of Plant &
Machinery, cost of consumable stores and other items not
related to direct production of article or thing
certain basis over the period 1970-74 for ascribing cost to stocks consumed and on hand. Let us describe it by an illustration ... there are no wide fluctuations in prices of raw materials, consumable stores, etc.
It will be seen from the above table that
profession but does not include
(a)Any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession ... family depending on him and the stock-in-trade, consumable, stores or raw materials held for the purpose of the business or profession
stores, capital stores and raw materials was
claimed as a deduction since it represented a normal business loss incurred on
sale of consumable assets ... authorities below.
10.2. We have considered the issue. The loss on consumable stores is an
allowable loss. However, the Assessing Officer disallowed only
statement of computation of income the assessee has claimed
deduction of consumable stores & spares of Rs.73,21,585/- and repairs and
maintenance
profession, but does not include (i) any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession
business or profession, but does not include any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession
