AO's Stock Valuation of Packing Materials as Scrap Violates AS 2 and Sec 145A Guidelines.

Valuation of the closing stock of scrap - AO is not justified in valuing the closing stock of packing materials representing scrap based on the scrap sales made in subsequent years ignoring the principles of valuation of stock as enumerated in AS 2 issued by ICAI which is also mandated to be followed u/s 145A of the Act. - AT .....

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