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closing stock profit effect?
Have seen people adjusting value of closing stock to adjust profit. What are the risks associated with the same?
Replies (1)
A.O. may ask for basis or calculation through which closing stock figure is arrived.
If he finds out that stock is understated then he may make difference amount as addition to your profit and levy tax, interest and penalty on the same.
If he finds out that stock is understated then he may make difference amount as addition to your profit and levy tax, interest and penalty on the same.
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