Gujarat High Court has directed to set-off such
write-off of inventories against the share premium account without realizing that
such direction was given ... additional plea that write off of inventories was
arising out of inventories transferred by amalgamating company AFL and the unsold
inventories were transferred to VFABPL
profit and loss
account on account of deduction in inventory write-
off. The A.O. has observed that the same amount was
reduced from ... Companies Act the
amount of provision for write off of inventory was reduced
from amount of material consumed. The AR further
confirmed that
approvals, the identified items of inventories are written off from the books
of account. For ready reference inventory write off sheet, duly approved ... also not submitted that the inventories
written off were included in the closing inventory. Since the closing
inventory is the same which has been carried
Assessing Unit of NFAC has erred in disallowing
write off of inventory of Rs. 17,97,14,722/- on the ground
that Board Resolution approving ... write off was also effected
during the financial year 2020-21 though the Board
Resolution for write off was dated 20.04.2021. The
Assessment Unit ought
Assessing Unit of NFAC has erred in disallowing
write off of inventory of Rs. 17,97,14,722/- on the ground
that Board Resolution approving ... write off was also effected
during the financial year 2020-21 though the Board
Resolution for write off was dated 20.04.2021. The
Assessment Unit ought
obsolete inventory. "Write off" or
"provision for write off" envisaged in the Rule 35B) covers
inputs, which are obsolete ... reverses CENVAT credit wherever there is a
provision for write-off or write-off of inventory which is not
consumed subsequently in the light
obsolete inventory. "Write off" or
"provision for write off" envisaged in the Rule 35B) covers
inputs, which are obsolete ... reverses CENVAT credit wherever there is a
provision for write-off or write-off of inventory which is not
consumed subsequently in the light
obsolete inventory. "Write off" or
"provision for write off" envisaged in the Rule 35B) covers
inputs, which are obsolete ... reverses CENVAT credit wherever there is a
provision for write-off or write-off of inventory which is not
consumed subsequently in the light
acceptable for the reason that even though the assessee has write off
the inventory of auxiliary pumps in its books of account ... books of
account on 14.09.2010. The decision to write off the inventory is a
decision which falls in the category of treating the inventory
allowability of assessee's claim in
respect of Write-off of inventory of moulds, it's market value at the time of
valuing ... study
report undertaken by the assessee for the purpose of write-off of inventory.
The assessee should also bring on record the fair market value
