Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
The case involves a challenge to the amendment in Section 145A, making it mandatory to adopt FIFO or weighted average cost method for valuing closing and opening stock. The court held that prior to the amendment, there was no mandatory provision for a specific valuation method. The Parliament made Clause 16 of ICDS (II) mandatory for all assesses, ensuring uniformity in accounting. The court emphasized that the method used for valuing opening and closing stock must be consistent. The retrospective amendment in Section 145A aims to provide relief to assesses who adopted FIFO in the Assessment Year 2017-18. Assessors following LIFO consistently are not required to switch to FIFO for that year. The court partly allowed the writ petitions, quashing the notices and allowing assesses to value stocks using LIFO or FIFO methods for the relevant assessment year.
The case involves a challenge to the amendment in Section 145A, making it mandatory to adopt FIFO or weighted average cost method for valuing closing and opening stock. The court held that prior to the amendment, there was no mandatory provision for a specific valuation method. The Parliament made Clause 16 of ICDS (II) mandatory for all assesses, ensuring uniformity in accounting. The court emphasized that the method used for valuing opening and closing stock must be consistent. The retrospective amendment in Section 145A aims to provide relief to assesses who adopted FIFO in the Assessment Year 2017-18. Assessors following LIFO consistently are not required to switch to FIFO for that year. The court partly allowed the writ petitions, quashing the notices and allowing assesses to value stocks using LIFO or FIFO methods for the relevant assessment year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
