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Q. > Please Help: ICDS
Section 145A provides for valuation of inventory in accordance with the method of accounting regularly employed by the assessee and further adjusted to include the amount of any tax, duty, cess or fee actually paid or incurred by the assessee…….
In case if there is a conflict between section 145A and ICDS II it is obvious that section 145A would prevail.
My Question is that we have valued closing stock on market price basis since opening of the rice mill. So whether it is required to valued inventory on cost or net realizable value which ever is less or continue to do valuation as per market price basis.
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