<h1>New Rule 11UAB Defines Fair Market Value Method for Inventory Under Section 28(vi-a) of Income Tax Act</h1> The government issued a draft notification amending the Income-tax Rules, 1962, to prescribe the method for determining the fair market value of inventory under clause (via) of section 28 of the Income-tax Act, 1961. Effective from April 1, 2019, for assessment years 2019-20 onward, the amendment inserts rule 11UAB specifying valuation criteria: immovable property inventory shall be valued based on stamp duty assessment by government authorities; jewellery, art, shares, and securities shall follow valuation methods under rule 11UA; and other property types shall be valued at their open market sale price on the date the inventory is converted into or treated as a capital asset.