TMI BlogRevision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower...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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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