Closing stock of excisable goods can be valued u/s.4a excise

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seetharam (Querist)
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26 December 2013 Is closing stock of excisable goods can be valued under section 4A of excise act 1944 insted of accounting standard 2(AS-2)?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 January 2014 For the purpose of books of accounts and financial statements closing stock has to be valued as per AS-2.

For computing provision for excise duty to be shown in the financial statements, closing stock will be valued as per Central Excise Act read with valuation rules.