https://www.taxtmi.com/caselaws?id=418901 The High Court of Calcutta dismissed the revenue's appeal challenging the valuation of closing stock using the LIFO method instead of FIFO. The court upheld the tribunal's decision, emphasizing the legality and consistency of the LIFO method applied by the assessee over the years. The court also rejected the revenue's reliance on an alleged admission during survey operations, highlighting the importance of credible evidence in assessment procedures. The appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. en-us Mon, 21 Feb 2022 00:00:00 +0530 Sat, 26 Feb 2022 06:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418901 The High Court of Calcutta dismissed the revenue's appeal challenging the valuation of closing stock using the LIFO method instead of FIFO. The court upheld the tribunal's decision, emphasizing the legality and consistency of the LIFO method applied by the assessee over the years. The court also rejected the revenue's reliance on an alleged admission during survey operations, highlighting the importance of credible evidence in assessment procedures. The appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418901