CBDT Releases Draft Form No. 6C for Submission of Inventory Valuation Report u/s 142(2A)
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- Last Updated on 17 August, 2023
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F. No. 370142/29/2023-TPL, dated 16-08-2023
The Finance Act 2023 substituted Section 142(2A) to empower the AO to appoint a cost accountant for the valuation of inventory.
The Assessing Officer can issue the direction for the valuation of inventory if he is of the opinion that it is necessary in the interest of the revenue to do so. However, the Assessing Officer is required to obtain previous approval from the PCCIT/CCIT/PCIT/CIT for giving directions for inventory valuation. The Assessing Officer cannot direct the assessee to get the inventory valued unless he is given an opportunity of being heard.
To implement the amendment, the Central Board of Direct Taxes (CBDT) has released draft Form no. 69C for submission of the inventory valuation report. Relevant amendments in Rule 14A and Rule 14B of the Income-tax Rules 1962 shall be carried out to make the amendment operational.
The Board has requested all the stakeholders and the general public to provide suggestions/comments on draft Form No. 6C and send them to ustpl3@nic.in by August 31, 2023.
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