Reversal of provision of inventory written off due to obsolescence allowed: ITAT Bangalore

Advertisement Essilor India Pvt. Ltd. Vs DCIT (OSD) (ITAT Bangalore) ITAT Bangalore held that deduction towards reversal of provision for inventory written off due to obsolescence allowable since the same stands offered to tax in the year in which provision was created. Facts- The assessee is a company engaged in the business of trading in ophthalmic lenses, optical matters and processing of semi-finished ophthalmic lenses. The case was selected for scrutiny and the statutory notices were duly served on the assessee. Since the assessee had international transactions with its AE, a reference...