https://www.taxtmi.com/caselaws?id=281387 The Tribunal partly allowed the appeal in favor of the assessee for the assessment year 2008-09. The Tribunal upheld the weighted average method for valuation of closing stock, rejecting the Ld. AO's decision to apply FIFO method. The consistent use of the weighted average method by the assessee, accepted in previous years, was a crucial factor. The Tribunal emphasized the fairness and acceptance of the weighted average method in accounting standards and found no valid reason for the Ld. AO to reject it. en-us Fri, 22 Dec 2017 00:00:00 +0530 Mon, 17 Jun 2019 21:52:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281387 The Tribunal partly allowed the appeal in favor of the assessee for the assessment year 2008-09. The Tribunal upheld the weighted average method for valuation of closing stock, rejecting the Ld. AO's decision to apply FIFO method. The consistent use of the weighted average method by the assessee, accepted in previous years, was a crucial factor. The Tribunal emphasized the fairness and acceptance of the weighted average method in accounting standards and found no valid reason for the Ld. AO to reject it. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281387