https://www.taxtmi.com/caselaws?id=370988 The High Court upheld the use of the LIFO method for valuing closing stock in a business profit calculation dispute. The Revenue's challenge was dismissed as the method had been consistently applied, legally recognized, and previously upheld by authorities. The Court emphasized the importance of adhering to recognized valuation methods in determining business profits and resolved the matter without remand, affirming the validity and consistency of the LIFO method in this case. en-us Tue, 23 Oct 2018 00:00:00 +0530 Tue, 27 Nov 2018 06:39:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370988 The High Court upheld the use of the LIFO method for valuing closing stock in a business profit calculation dispute. The Revenue's challenge was dismissed as the method had been consistently applied, legally recognized, and previously upheld by authorities. The Court emphasized the importance of adhering to recognized valuation methods in determining business profits and resolved the matter without remand, affirming the validity and consistency of the LIFO method in this case. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370988