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<h1>Cost Accountant Reviews Inventory Valuation under Section 142(2A) of Income-tax Act for Compliance and Accuracy.</h1> The Inventory Valuation Report under section 142(2A) of the Income-tax Act, 1961, involves a detailed examination of an assessee's inventory records by a Cost Accountant. It evaluates the opening and closing inventory values, ensuring compliance with tax regulations. The report confirms that proper records are maintained and provides a valuation of various inventory categories, such as finished goods, raw materials, and work-in-progress. It also addresses any discrepancies with Form No. 3CD or audited accounts, explaining variations and their impact on profits and taxes. The report includes detailed quantitative and financial data for the inventory assessed.
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