Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Ageing Effect is Standard Practice for Valuing Inventory at NRV: ITAT deletes Addition for Alleged Stock Undervaluation
Accounting StandardAppeal Against Order
The ITAT deleted an addition for alleged stock undervaluation, stating that the "ageing effect" is standard practice for valuing inventory at Net Realizable Value (NRV). This decision recognizes accepted accounting practices for inventory valuation. This ruling provides clarity on how inventory should be valued for tax purposes.
