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    Question

    As per ICDS-II notified under the Income Tax Act, 1961,

    how should inventories be valued for tax computation purposes?
    A At Net Realisable Value (NRV) only Correct Answer Incorrect Answer
    B At cost only, irrespective of realisable value Correct Answer Incorrect Answer
    C At cost or NRV, whichever is lower Correct Answer Incorrect Answer
    D At fair market value as determined by an independent valuer Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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