Inventory valuation must include taxes and duties; interest on compensation is taxable when received, effective from the amendment. The substituted section 145A requires that inventory valuation follow the assessee's regular accounting method and be adjusted to include any tax, duty, cess or fee actually paid or incurred to bring goods to their location and condition; it also deems interest on compensation or enhanced compensation to be income in the year received, effective from 1 April 2010.
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Provisions expressly mentioned in the judgment/order text.
Inventory valuation must include taxes and duties; interest on compensation is taxable when received, effective from the amendment.
The substituted section 145A requires that inventory valuation follow the assessee's regular accounting method and be adjusted to include any tax, duty, cess or fee actually paid or incurred to bring goods to their location and condition; it also deems interest on compensation or enhanced compensation to be income in the year received, effective from 1 April 2010.
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