Tag Archives: Maneesh Pharmaceuticals (P.) Ltd.

Write-Off of Expired Inventory and Bad Debts Allowable as Business Expenditure Based on Verified Evidence Issue Whether the write-off of expired finished goods inventory and bad debts supported by physical verification and independent accounting reports are allowable deductions under Sections 37(1) and 36 of the Income-tax Act, 1961. Facts The assessee claimed a deduction for… Read More »

Write-off of Expired Inventory and Bad Debts Supported by Evidence Is Allowable Issue Whether the write-off of expired finished goods inventory under Section 37(1) is allowable as a business expenditure when supported by physical verification and destruction norms. Whether the write-off of bad debts under Section 36 is allowable when substantiated by debtor details, sale… Read More »