https://www.taxtmi.com/article/detailed?id=11183 Budget 2023 empowers assessing officers to require inventory valuation by cost accountants in specified inquiries, increasing compliance obligations for dealers of precious metals and stones because valuations and discovered material may be used in assessments. If an assessee proves unrecorded stock originates from business receipts and establishes identity and source, separate undisclosed income taxation provisions may not apply; however, any other incriminating material found during valuation can still be relied upon for assessment, and the assessee must be given an opportunity of being heard. en-us Thu, 09 Mar 2023 09:41:05 +0530 Thu, 09 Mar 2023 09:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11183 Budget 2023 empowers assessing officers to require inventory valuation by cost accountants in specified inquiries, increasing compliance obligations for dealers of precious metals and stones because valuations and discovered material may be used in assessments. If an assessee proves unrecorded stock originates from business receipts and establishes identity and source, separate undisclosed income taxation provisions may not apply; however, any other incriminating material found during valuation can still be relied upon for assessment, and the assessee must be given an opportunity of being heard. Articles Income Tax Thu, 09 Mar 2023 09:41:05 +0530 https://www.taxtmi.com/article/detailed?id=11183