TaxTMI 
TaxTMI 
Non - Maintenance of Stock Register by Retailor
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....on - Maintenance of Stock Register by Retailor<br> Query (Issue) Started By: - BAL KRISHAN GARG Dated:- 10-12-2012 Last Reply Date:- 16-12-2012 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear All Members , I have a query regarding non - maintenance of stock register by a Retailor . I have qualify the audit report that the assessee does not maintain stock register so it is not possible to give the....
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.... quantitative details of the same . The assessee is the retailor and dealing in electrical and consumable goods ranging from Rs. 1 to Rs .5,000 /- and running a retail counter and its not possible to maintain the stock register for the assessee also . Assessee does valuation of its closing stock as on the last day of the financial year by taking physical inventory and convert the same into closing....
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.... stock for the balance sheet purpose and value each item by multipling the quantity with its purchase price after deducting discount and vat . The officer wants to add the opening stock as income only on the ground that the auditor had made qualifiy the report and silent regarding closing stock . Whether the officer can do so even after giving the list of physical inventory taken alongwith purcha....
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....se invoices for valuation purpose already submitted with the department ? I will be highly oblidge for the reply or suggestion . Thanks Regards BAL KRISHAN GARG Reply By prasenjit roy: The Reply: Please Note that as per AS 2 on Inventory valuation, Valuation of closing stock is done on Retail method in case of Retailer. If you read As 2, I think your problem will be sold.<br> Discussion Foru....
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