https://www.taxtmi.com/forum/issue?id=106218 Whether an artist who delivers paintings to an art gallery on consignment must maintain stock records and how such consignments should be valued are posed as primary compliance questions. The enquiry seeks the applicability of inventory maintenance where title or control is retained, the appropriate valuation of artworks held on consignment, and whether a consignment note and related records suffice as evidence of stock. It also asks whether receipts from sale are business or professional income under receipt-based accounting. en-us Wed, 06 Nov 2013 16:59:46 +0530 Thu, 23 Jan 2025 15:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=106218 Whether an artist who delivers paintings to an art gallery on consignment must maintain stock records and how such consignments should be valued are posed as primary compliance questions. The enquiry seeks the applicability of inventory maintenance where title or control is retained, the appropriate valuation of artworks held on consignment, and whether a consignment note and related records suffice as evidence of stock. It also asks whether receipts from sale are business or professional income under receipt-based accounting. Discussion-Forum Companies Law Wed, 06 Nov 2013 16:59:46 +0530 https://www.taxtmi.com/forum/issue?id=106218