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In income tax closing stock value

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 April 2013 how to consider closing stock value of stock in balance sheet
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
14 April 2013 Closing stock value shall be according to the Accounting standing 2 "Valuation of closing stock" as per this AS closing stock value shall be value at "cost or net relaisable value" which is lower.

OM SAI SRI SAI JAI JAI SAI
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Rupesh

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Rupesh (Expert)
26 April 2013 Stock should be valued at Cost or Market price whichever is lower and should appear in Balance Sheet under Current Assets.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
02 June 2013 I agree with the expert but the closing stock should be valued in the same manner as was valued in the last year other wise this will be change in accounting policies.
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