https://www.taxtmi.com/forum/issue?id=5022 Non-maintenance of a stock register prompted an auditor's qualification and an assessing officer's proposal to add opening stock to income; the assessee provided a year-end physical inventory and purchase invoices and valued closing stock using purchase price net of discount and VAT. The discussion highlights that Inventory Valuation for retailers should follow the retail method under AS 2, which is the operative standard affecting acceptance of the closing stock valuation in assessments. en-us Mon, 10 Dec 2012 14:24:06 +0530 Thu, 23 Jan 2025 15:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5022 Non-maintenance of a stock register prompted an auditor's qualification and an assessing officer's proposal to add opening stock to income; the assessee provided a year-end physical inventory and purchase invoices and valued closing stock using purchase price net of discount and VAT. The discussion highlights that Inventory Valuation for retailers should follow the retail method under AS 2, which is the operative standard affecting acceptance of the closing stock valuation in assessments. Discussion-Forum Income Tax Mon, 10 Dec 2012 14:24:06 +0530 https://www.taxtmi.com/forum/issue?id=5022