https://www.taxtmi.com/caselaws?id=268485 Undervaluation of closing stock was upheld because the assessee gave inconsistent explanations on the valuation method, alternating between FIFO and weighted average cost. The tax audit report did not clearly substantiate consistent adoption of weighted average cost, and the assessee produced no material to dislodge the Assessing Officer's FIFO-based valuation, which was treated as a permissible stock valuation method. The addition therefore remained valid and the assessee's challenge failed. en-us Wed, 02 Sep 2015 00:00:00 +0530 Fri, 27 Nov 2015 10:54:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268485 Undervaluation of closing stock was upheld because the assessee gave inconsistent explanations on the valuation method, alternating between FIFO and weighted average cost. The tax audit report did not clearly substantiate consistent adoption of weighted average cost, and the assessee produced no material to dislodge the Assessing Officer's FIFO-based valuation, which was treated as a permissible stock valuation method. The addition therefore remained valid and the assessee's challenge failed. Case-Laws Income Tax Wed, 02 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268485