Dear All,
I am confused on one thing. Please help me.
AS-2 requires that stock should be valued at lower of cost or "NET REALISABLE VALUE";
Income tax act requires stock to be valued at lower of cost or "MARKET VALUE".
Net realisable value and market value are two different terms. So, what should be followed?
Income tax Act does not say anything. It only wants you to follow a consistent method.
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Chirag N Shah & Associates
Mumbai
CA Inter
View Details
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
View Details
CAclubindia
Pro
Modal body text goes here.
CAclubindia
