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        Case ID :
        Income Tax

        Does ICDS II apply to the trader or dealer of livestock, agriculture and forest products mineral oils, ores and gases.

        21 August, 2017

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        Manual - ICDS II : Valuation of Inventories

        Yes, since the exclusion is only in the case of a producer of these items and not in case of a trader or dealer of these items. In case of a trader or dealer this ICDS will apply for valuation of his inventories.

         

        Valuation of Inventories: ICDS II applies to traders and dealers of primary commodities while excluding producers. ICDS II governs valuation of inventories for income computation and disclosure. The standard is excluded for a producer of primary goods like livestock, agricultural and forest products, mineral oils, ores and gases, but it applies to persons who trade or deal in those commodities; therefore the producer/dealer distinction determines whether ICDS II applies.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Valuation of Inventories: ICDS II applies to traders and dealers of primary commodities while excluding producers.

                              ICDS II governs valuation of inventories for income computation and disclosure. The standard is excluded for a producer of primary goods like livestock, agricultural and forest products, mineral oils, ores and gases, but it applies to persons who trade or deal in those commodities; therefore the producer/dealer distinction determines whether ICDS II applies.


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