Stock valuation

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Swathi

Articled Assistant

32 Points Posted on 25 May 2012

Dear Friends

Please help Me out

Closing Stock of the entity for the AY 2006-07 was undervalued and the AO had levied additional tax on 13.01.2010 which was duly paid by the assesse. But the same was not reflected by the Assesse in Books of Accounts(though tax on undervaluation of Closing Stock was Paid) leading to undervaluation of opening Stock. So how can this be ajusted in books of Accounts in this Ay 2012-13?

Please help me out

Swathi K.M

CA Final Student

Replies (4)

Samarth Jain

Due Diligence Manager

74 Points Posted on 25 May 2012

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