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Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the assessee would fail to realize the value in proportion with the valuation of closing stock, she will claim loss in the next year, and if she acquired higher rate, then profit will be made. - Tri

Income Tax - Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the assessee would fail to realize the value in proportion with the valuation of closing stock, she will claim loss in the next year, and if she acquired higher rate, then profit will be made. - Tri - TMI Updates - Highlights .....

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