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Valuation of closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2015 Dear Experts,

One of my client valued stock at market price which is greater then cost. for example cost is 40 lacs and market price is 50 lacs. and the same stock is sold for Rs. 50 lacs in next year.

does it will results any direct tax or indirect tax evasion

Please answer on urgent basis
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 January 2015 no, it is against Accounting standard 2 valuation of inventory and should be valued at 40 lacs only
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Rupesh Jain

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Rupesh Jain (Expert)
29 January 2015 you can not make valuation on market price.

you have to pay vat on sales value.
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