Sec. 37(1) of the Income-tax Act, 1961 — Business expenditure – Revenue filed tax appeal against the order of ITAT in holding that the obsolete stock which is not disposed off or sold is allowable as expenditure. High Court dismissed the appeal holding that “We also found that the tax effect in the present case is Rs. 19.00 lakhs or thereabouts. Normally, the Appeal was, therefore, required to be withdrawn by the Appellant, taking into consideration the CBDT Circular No. 17/2019. However, it was pointed out that this was a case in which audit objections had been raised. Without going into the issue of the CBDT Circular No. 17/2019, we now find that there is really no case made out to interfere with the impugned Judgment and Order made by the ITAT”. - CIT V/s GIGABYTE TECHNOLOGY (INDIA) LTD. - [2020] 273 TAXMAN 184 (BOM)