https://www.taxtmi.com/caselaws?id=277910 The Tribunal dismissed the Revenue's appeal, affirming the CIT-A's deletion of the addition on undervaluation of closing stock. The Tribunal emphasized the consistent application of the LIFO method for valuation of closing stock, which had been accepted by the Revenue in previous years. The Tribunal also highlighted that the closing stock should not be considered a source of profit, aligning with judicial precedents. The appeal filed by the Revenue was dismissed, and the order of the CIT-A was upheld. en-us Tue, 04 Oct 2016 00:00:00 +0530 Sat, 29 Dec 2018 06:40:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277910 The Tribunal dismissed the Revenue's appeal, affirming the CIT-A's deletion of the addition on undervaluation of closing stock. The Tribunal emphasized the consistent application of the LIFO method for valuation of closing stock, which had been accepted by the Revenue in previous years. The Tribunal also highlighted that the closing stock should not be considered a source of profit, aligning with judicial precedents. The appeal filed by the Revenue was dismissed, and the order of the CIT-A was upheld. Case-Laws Income Tax Tue, 04 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277910