there was a survey u/s 133 A under i tax act. and there is a declaration of stock as on the survey date. (say 3 rd july 11) Whether the same can be trated as opening stock for the next period (i.e. from 4th july 11)
2 Replies
Tejay
(Practice)
(58 Points)
Replied 24 August 2011
According to me , at the time of survey u/s 133 A your books of Accounts are equally important. As far as the Stock is concerned it is definately the excess stock that is not found in to your inventory books. The respected IT Authorities must have put the initials on to the Books upto the date to which the same are completed.
So u need to intorduce the stock into your books after survey is completed. Undoubtedly it will be the opening stock of the succeeding day.
I hope I am correct on this node
CA Tarun Jagdish
(8893495263)
(153 Points)
Replied 24 August 2011
Yes .. There is caselaw that if Closing Stock of one period is increased . The same also becomes the Opening stoick of the next period..
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