https://www.taxtmi.com/caselaws?id=753313 Kerala HC held that mandatory adoption of FIFO or weighted average cost method under ICDS Clause 16 for stock valuation is constitutionally valid and not arbitrary. However, for Assessment Year 2017-18, assessees who consistently used LIFO method before the amendment cannot be compelled to apply FIFO for opening stock valuation, as opening and closing stock must be valued using the same method. The retrospective amendment under Section 145A applies only to assessees who had already adopted FIFO. Writ petitions partly allowed; impugned notices quashed. en-us Mon, 20 May 2024 00:00:00 +0530 Tue, 28 May 2024 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753313 Kerala HC held that mandatory adoption of FIFO or weighted average cost method under ICDS Clause 16 for stock valuation is constitutionally valid and not arbitrary. However, for Assessment Year 2017-18, assessees who consistently used LIFO method before the amendment cannot be compelled to apply FIFO for opening stock valuation, as opening and closing stock must be valued using the same method. The retrospective amendment under Section 145A applies only to assessees who had already adopted FIFO. Writ petitions partly allowed; impugned notices quashed. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753313