Question regarding profits and gains of business or profession

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sanjeevani Kanjilal asked about 2 years ago

If there is under or overvaluation of closing or opening stock shall I add back depreciation as per books of accounts to net profit as expenditure disallowed while computation of income u/h Profits and gains from business or profession?

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Open uri20170510 32134 x9fu1w?1494421642 kanak answered about 2 years ago

There is no depreciation on Stocks. Depreciation is charged only on Fixed Assets. So no Need to add back any depreciation. but you are required to give effect of over/under valuation of stock. :)

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