valuation of inventory
This query is : Resolved
20 July 2009
if we change the method of valuation of inventory from fifo to weighted average method then it is required to change the value of opening stock and adjust the difference with the current year profit or loss.
and the other thing can A.O. rejects the change in method of valuation of inventory that we have adopted ? can he disallow the treatment ?
Please give me any case reference or judgement for this situation.
and the other thing can A.O. rejects the change in method of valuation of inventory that we have adopted ? can he disallow the treatment ?
Please give me any case reference or judgement for this situation.
20 July 2009
Yes, the change in policy is to be specifically reported by way of note along with its effect on profitability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
