Valuation of closing stock
Querist : Anonymous
THE FILE SELECTED FOR SCRUTINY BY INCOME TAX AUTHORITIES AND HAVE POINTED OUT THAT THE CLOSING STOCK IS UNDER VALUED BY RS. 1.00 LAC AND THEY HAVE INCREASED PROFIT BY RS. 1.00 LAC AND TAX DETERMINED ADDING RS.1.00 LAC TO DECLARED NET PROFIT IN RETURN OF INCOME.
MY QUESTION IS IN THE NEXT YEAR OPENING STOCK AS PER BOOKS WILL BE RS. 10.00 LACK. WHETHER THE EFFECT OF RS.1.00 LAC WILL BE GIVEN FOR CALCULATION OF TAX BY I.T. AUTHORITIES IN THE NEXT YEAR OR NOT ?
Querist : Anonymous
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