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stock valuation

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 March 2010 Respected CCI Member

I just want to know, that a dealer of machine and other equipment engaged in trading business of specified above.

When value the stock can we deduct vat and excise credit taken from stock value as per AS-2. But i am confused whether AS-2 applicable to manufacturing as well as traders?
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Maninder Jain

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Maninder Jain (Expert)
23 March 2010 Dear Sir,

As per section 145A of the income tax act, closing stock to be valued inclusive of duty, vat etc.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
23 March 2010 agreed
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