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Valuation of closing stock

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(Querist)
14 February 2009 what is the method of valuation of closing stock as per IT Act.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
14 February 2009 There is no specific method prescribed but sec.145A of the IT Act prescribes that duties paid must be added back to the value of closing stock.
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Simranjeet singh

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Simranjeet singh (Querist)
14 February 2009
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