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Income Tax > Notification

CBDT notifies Form 6D for Inventory Valuation Report under Section 142(2A)
Category: Notification, Posted on: 28/09/2023 , Posted By: CA. (Dr) VINAY MITTAL
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CBDT notifies Form 6D for Inventory Valuation Report under Section 142(2A)


The Finance Act 2023 substituted Section 142(2A) to empower the AO to appoint a cost accountant for the valuation of inventory. AO can issue the direction for the valuation of inventory if he believes it is necessary in the interest of the revenue to do so. Now, the CBDT, vide Notification No. 82/2023 dated 27.09.2023 has amended Rule 14B of the Income-tax Rules to provide that the inventory valuation report of an assessee, which is required to be furnished under section 142(2A), shall be in Form No. 6D. Thus, requires every CCIT to also maintain a panel of Cost Accountants.

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