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stock valuation

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(Querist)
25 August 2008 in case of person dealing in shares regularly the profit or gains is treated as business income. Can i value stock holding as on 31.3.2008 taking market value as on 31.3.2008 The purchase cost is higher
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
25 August 2008 Yes, the stock may be valued at market price which is lower in comparision to the cost. AS2 is not applicable to a person dealing in shares and securities. As such whatever method of valuation is adopted, it should be followed consistently from year to year.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
25 August 2008 I agree with Ramesh Ahuja Ji.
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