TMI BlogSubstitution of new section for section 145AX X X X Extracts X X X X X X X X Extracts X X X X ..... ntrary contained in section 145,— (a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be- (i) in accordance with the method of accounting regularly employed by the assessee; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whateve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the inventory as on the 1 st and the last day of the previous year, the computation according to the method of accounting regularly employed by the assessee shall be adjusted to include the amount of any tax, duty, cess or fees paid or liability incurred for the same under any law in force. It is proposed to amend the said section so as to provide that the interest received by an asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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