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.
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