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Income Tax

Non-inclusion of demurrage charges – Valuation of closing stock –...

Accurate Profit Needs Correct Inventory Valuation: Exclude Demurrage Charges in Closing Stock for True Tax Assessment.

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Income TaxMarch 11, 2014Case LawsAT

Non-inclusion of demurrage charges – Valuation of closing stock – determination of correct profit would require proper valuation of inventories, both as at the beginning as well as the end of the relevant accounting period - AT

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