India AS-2: FIFO and Weighted Average Methods Valid for Closing Stock Valuation; AO's Preference Incorrect. No Legal Issue.

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....Valuation of closing stock - India AS-2 - The FIFO method, which the AO preferred, is one of the Accounting Standard 2 method. However, equally the weighted average method is also a recognized mode for valuing the stock - The AO’s opinion that the assessee had adopted inconsistent approach was not correct - no substantial question of law arises....