https://www.taxtmi.com/caselaws?id=71534 The Tribunal held that the revenue was not justified in rejecting the LIFO method of valuation of closing stock adopted by the assessee. It emphasized the principle of finality and consistency in tax litigation, stating that a settled position should not be disturbed without compelling reasons. The Tribunal ruled in favor of the assessee, allowing the continued use of the LIFO method and deleting the addition made by the revenue. en-us Wed, 22 Jul 1998 00:00:00 +0530 Mon, 25 Apr 2011 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71534 The Tribunal held that the revenue was not justified in rejecting the LIFO method of valuation of closing stock adopted by the assessee. It emphasized the principle of finality and consistency in tax litigation, stating that a settled position should not be disturbed without compelling reasons. The Tribunal ruled in favor of the assessee, allowing the continued use of the LIFO method and deleting the addition made by the revenue. Case-Laws Income Tax Wed, 22 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71534