AS 2 - Closing Stock value more than Market Value

HI...

ABC LTD'S BUSINESS ACTIVITY IS UNDER REAL ESTATE SECTOR, ABC LTD HAD DEVELOPED A HOUSING PROJECT.

FOR ABC LTD COST PER SQ FT IS RS 4000/- WHEREAS MARKET VALUE IS AROUND RS 3500/- PLEASE LET ME KNOW WHAT SHOULD BE TREATMENT IN BOOKS OF ACCOUNT AS PER ACCOUNTING STANDARD AND INCOME TAX.