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Disclosure in tax audit

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(Querist)
13 November 2014 sir/madam,

if the co is not having any closing stock as on 31 march then is there any need to disclose accounting policy of valuation in tax audit.
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CA Parul Saxena

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CA Parul Saxena (Expert)
13 November 2014 no need to disclose as it is not necessary that company must have closing stock. It may happen that all the goods purchased are sold during the year.
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
13 November 2014 In tax audit report you can write, " Nil, since there is no closing stock"
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