Written off of obsolete inventory permissible as in accordance with accounting standards: ITAT Delhi

Nihon Parkerizing (India) Pvt Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor. Facts- The case of the assessee was selected for scrutiny through CASS and a notice u/s 143(2) of the Income Tax Act, 1961 was sent to the assessee. The assessment order came to be passed by disallowing the expenses claimed u/s 40a(ia) of the Act of Rs. 16,38,113/- further disallowed the provision of bad debts return of Rs. 10,00,000/- and also disallowed the pr...