Loss on sale of unusable old/ obsolete inventory allowable

Air India Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that loss on sale of unusable old/ obsolete inventory allowed as there is nothing on record to suggest that such inventories was part of the Fixed Assets of the appellant company and the appellant has claimed depreciation on such Inventories earlier.

Facts- The assessee claimed loss on sale of inventory. AO disallowed the said. On appeal before CIT(A), CIT(A) granted relief to the assessee. Being aggrieved, the present

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