Income Tax Assessment Revised u/s 263 for FIFO Valuation; Original Inquiry by AO Found Lacking.

Income Tax Assessment Revised u/s 263 for FIFO Valuation; Original Inquiry by AO Found Lacking. https://www.taxtmi.com/highlights?id=57952 Revision u/s 263 - Enhancement of valuation of closing stock - assessee could not point out any defect or discrepancy in the recomputation made by Pr. CIT for computation of closing stock by adopting FIFO method. As we have already observed that there is no enquiry by the AO on this issue in the assessment order, therefore, in our considered view, the Ld. Pr. CIT was correct in holding the assessment as erroneous and prejudicial to the interest of the Revenue - AT en-us Thu, 13 May 2021 13:11:23 +0530 Thu, 13 May 2021 13:11:23 +0530 TaxTMI RSS Generator Income Tax Assessment Revised u/s 263 for FIFO Valuation; Original Inquiry by AO Found Lacking. https://www.taxtmi.com/highlights?id=57952 Revision u/s 263 - Enhancement of valuation of closing stock - assessee could not point out any defect or discrepancy in the recomputation made by Pr. CIT for computation of closing stock by adopting FIFO method. As we have already observed that there is no enquiry by the AO on this issue in the assessment order, therefore, in our considered view, the Ld. Pr. CIT was correct in holding the assessment as erroneous and prejudicial to the interest of the Revenue - AT Highlights Income Tax Thu, 13 May 2021 13:11:23 +0530 https://www.taxtmi.com/highlights?id=57952