Closing stock accepted in preceding year automatically constitutes opening stock for subsequent year.
Closing stock accepted in preceding year automatically constitutes opening stock for subsequent year. Issue Whether the Assessing Officer was justified in revaluating the opening stock as on 01.04.2013 and disallowing interest on an undisputed outstanding credit carried forward from the preceding year without rejecting the books of account under Section 145. Facts Stock Valuation Issue:… Read More »