Revision u/s 263 - under valuation of closing stock - as a ...

Income Tax

July 2, 2019

Revision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower of the cost or the realizable value - increase/decrease in realizable value due to foreign exchange fluctuation has no bearing on valuation of closing stock and will be recover when the stocks are sold - revision order passed by PCIT is without any basis, hence, set aside

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Revision u/s 263 - under valuation of closing stock - as a ...

Income Tax

July 2, 2019

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