Sec 44 ab valuation of closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 September 2013 during ay 2012-13 and earlier we used to
mention "as informed to us closing stocks are valued at cost or market value whichever is lower" specially incase of pharmaceutical traders ,pesticide dealers etc

specially in cases where we do not have knowledge about market values.

we used to depend on clients valuation ie on their representation.

what is our duty now?
can we mention as we mentioned earlier
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
03 September 2013 yes if the valuation was done by experts.
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