https://www.taxtmi.com/caselaws?id=329778 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO towards the valuation of closing stock. It was concluded that the assessee's consistent use of the LIFO method was justified and recognized, and there was no basis for the AO to revalue the closing stock using the average purchase price method. The appeal of the revenue was dismissed, confirming that the LIFO method should be followed for the valuation of closing stock in this case. en-us Wed, 01 Jun 2016 00:00:00 +0530 Sat, 09 Jul 2016 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329778 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO towards the valuation of closing stock. It was concluded that the assessee's consistent use of the LIFO method was justified and recognized, and there was no basis for the AO to revalue the closing stock using the average purchase price method. The appeal of the revenue was dismissed, confirming that the LIFO method should be followed for the valuation of closing stock in this case. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329778