Written off of stock allowable if the same had no realizable value

Glaxosmithkline Asia Pvt. Ltd. Vs D.C.I.T. (ITAT Chandigarh)

Conclusion: Since the major write off claim evidently pertained to vaccines which assessee consistently claimed had been nearing expiry and thus had no realizable value and nothing had been pointed out regarding the insufficiency of evidences filed by assessee, therefore, the claim of assessee was fully justified for write off  of vaccines since undoubtedly such vaccines were not capable of being used beyond expiry period and had no realizable val

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