Quantitative detail not avaiable for trading concern
This query is : Resolved
Dolly Sharma
(Querist)
24 September 2014
quantitative detail for trading concern not avaible then detail in rupees of closing stock can be given in form 3CD.
Nikhil Kaushik
(Expert)
24 September 2014
no. you need to submit quantity details only. if the same is not available, you need to report as your comments in the audit report
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Dolly Sharma
(Querist)
25 September 2014
there are two possible qualification 1) Proper stock record are not maintained by the assessee 2) valuation of closing stock is not possibe ...... Both qualification can be made or any one of them Please answer
Nikhil Kaushik
(Expert)
25 September 2014
though second qualification is a derivative of the first one, in my view both should be made.
Dolly Sharma
(Querist)
25 September 2014
as per clause 14a if valuation is not possible than under which method the valuation is to be mentioned at cost or market price as per above clause or the clause is to be left blank ... please clarify
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