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Atul Goyal asked 1 year ago

Sir,  As per facts of question, there is a change in method of calculation for valuation of stock. Although it is not change of method of accounting hence clause 13(b) is not applicable, But, its a change in method of valuation for stock, hence clause 14 should have been applied.  

1 Answers
RaviRavi Staff answered 1 year ago

Read author’s note
Clause 14 asks 2 things– 1st how we value stock i.e cost or nrv whichever is lower and 2nd Is valuation as per Sec 145, it doesnt ask us to report on change, so reporting is not required

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