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Inventory valuation rules: lower of cost or net realisable value; include taxes and category-wise comparison for securities. Inventory for computing business income must be valued under income computation and disclosure standards at the lower of actual cost or net realisable value, with purchase, sale and inventory valuations adjusted to include any tax, duty, cess or fee actually paid to bring goods or services to their location and condition. Unquoted or irregularly quoted securities are initially recognised at actual cost, other securities follow the lower-of-cost-or-NRV rule, and securities held by scheduled banks or public financial institutions are valued in accordance with the standards after accounting for Reserve Bank guidelines; comparisons are made category-wise.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Inventory valuation rules: lower of cost or net realisable value; include taxes and category-wise comparison for securities.</h1> Inventory for computing business income must be valued under income computation and disclosure standards at the lower of actual cost or net realisable value, with purchase, sale and inventory valuations adjusted to include any tax, duty, cess or fee actually paid to bring goods or services to their location and condition. Unquoted or irregularly quoted securities are initially recognised at actual cost, other securities follow the lower-of-cost-or-NRV rule, and securities held by scheduled banks or public financial institutions are valued in accordance with the standards after accounting for Reserve Bank guidelines; comparisons are made category-wise.
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