The Institute of Cost Accountants of India has released a "Guidance Note on Inventory Valuation under the Income-tax Act, 1961" to aid CMA professionals in understanding Section 142 (2A) of the IT Act - April 2024 edition discussed by CA. Satuti Mahajan.
The Government of India has amended the Section 142 (2A) of the Income Tax Act to authorize the Assessing Officer to get the inventory of an assessee valued by a practicing cost accountant under the prescribed terms and conditions and present its report in the Form 6D notified by the CBDT.
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