https://www.taxtmi.com/article/detailed?id=11956 Amendments empower Assessing Officers to commission inventory valuations by cost accountants as part of inquiry before assessment, with taxpayers granted an opportunity of being heard before any material from such valuations is used in assessment. Implementation includes a prescribed Inventory Valuation Report requiring disclosure of inventory management systems, valuation methods for specified inventory categories, multi-year inventory ratios, quantitative details of major inventory items, sector-specific valuation treatments, and an open comments field for the cost accountant that may surface adverse matters for assessment. en-us Sat, 14 Oct 2023 18:59:46 +0530 Sat, 14 Oct 2023 18:59:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11956 Amendments empower Assessing Officers to commission inventory valuations by cost accountants as part of inquiry before assessment, with taxpayers granted an opportunity of being heard before any material from such valuations is used in assessment. Implementation includes a prescribed Inventory Valuation Report requiring disclosure of inventory management systems, valuation methods for specified inventory categories, multi-year inventory ratios, quantitative details of major inventory items, sector-specific valuation treatments, and an open comments field for the cost accountant that may surface adverse matters for assessment. Articles Income Tax Sat, 14 Oct 2023 18:59:46 +0530 https://www.taxtmi.com/article/detailed?id=11956