Please Explain the provisions under the Income Tax Act,1961 in respect of valuation of closing stock of raw materials when assessee has availed Cenvat in respect of his inputs.
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Closing Stock Valuation
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if cenvat credit / vat credit is accounted as per AS-2, i.e. purchase is posted in P/L account and taxes credit in asset/liabilities, then the net value deducting all taxes on which input credit is taken (excise , Edu Cess and VAT ) is to be taken for purchase/ consumption and closing stock.
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