Value added tax include in valuation of stock

CA dhanpat raj (consultant) (83 Points)

23 June 2016  

I want to know that value added tax charged on sale and paid on purchases is required to include in valuation of closing stock for the purpose of sec. 145A of I.T. act, 1961 ?

IF it yes, please give me exact provision or explanation in Act.

                                      OR

IF it is no, please give me case laws or explanation of clarificaion in the Act.