25 August 2008
in case of person dealing in shares regularly the profit or gains is treated as business income. Can i value stock holding as on 31.3.2008 taking market value as on 31.3.2008 The purchase cost is higher
25 August 2008
Yes, the stock may be valued at market price which is lower in comparision to the cost. AS2 is not applicable to a person dealing in shares and securities. As such whatever method of valuation is adopted, it should be followed consistently from year to year.
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