https://www.taxtmi.com/caselaws?id=277780 The Tribunal dismissed the revenue's appeal, confirming that LIFO is an acceptable method for valuing closing stock and the addition of Rs. 3,91,71,167/- was unwarranted. The Tribunal allowed the grounds raised by both the assessee and revenue for statistical purposes, directing the AO to verify the inclusion of making charges in the closing stock. Regarding the addition of Rs. 4,02,67,751/- u/s 115JB of the Income Tax Act, the Tribunal partly allowed the revenue's appeal for statistical purposes, directing the AO to verify and decide the inclusion of making charges in the book profits u/s 115JB. en-us Tue, 17 Apr 2018 00:00:00 +0530 Sun, 23 Dec 2018 10:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277780 The Tribunal dismissed the revenue's appeal, confirming that LIFO is an acceptable method for valuing closing stock and the addition of Rs. 3,91,71,167/- was unwarranted. The Tribunal allowed the grounds raised by both the assessee and revenue for statistical purposes, directing the AO to verify the inclusion of making charges in the closing stock. Regarding the addition of Rs. 4,02,67,751/- u/s 115JB of the Income Tax Act, the Tribunal partly allowed the revenue's appeal for statistical purposes, directing the AO to verify and decide the inclusion of making charges in the book profits u/s 115JB. Case-Laws Income Tax Tue, 17 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277780