HI...
ABC LTD'S BUSINESS ACTIVITY IS UNDER REAL ESTATE SECTOR, ABC LTD HAD DEVELOPED A HOUSING PROJECT.
FOR ABC LTD COST PER SQ FT IS RS 4000/- WHEREAS MARKET VALUE IS AROUND RS 3500/- PLEASE LET ME KNOW WHAT SHOULD BE TREATMENT IN BOOKS OF ACCOUNT AS PER ACCOUNTING STANDARD AND INCOME TAX.
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AS 2 - Closing Stock value more than Market Value
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Cost or NRV whichever is less
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