Closing Stock Valuation

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Prasanna (Querist)
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21 June 2010 Situation: In trading & Profit & Loss Account Input Vat Credit/ Vat paid & output vat is shown separately on respective side and excess of input vat credit on output vat collected is shown as vat refundable.

Question: Whether vat attributable to the cl.stock should be included in the valuation of closing stock as per income tax act?

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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23 June 2010 no not to be included in stock, better to route all vat entries under group of provision or liability or current assets

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