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
ITAT allows Rs. 52L Deduction w.r.t. Traded Goods Written off on Account of Damaged Stock
Corporate ComplianceIncome Tax
The Income Tax Appellate Tribunal (ITAT) allowed a deduction of Rs. 52 lakhs for a company concerning traded goods written off due to damaged stock. The company had claimed this deduction in its income tax returns, but the Assessing Officer disallowed it. The ITAT ruled in favor of the company, recognizing that the write-off was a genuine business expenditure. This decision underscores the importance of acknowledging legitimate business losses in tax assessments.
