[aurangabad_ca] Valuation of closing stock
| Dear members, I have a query regarding valuation of closing stock, One of my client values its closing stock year to year at cost price ( applying LIFO method). he does not maintains the stock register, but the closing stock also shows the quantity of goods. On assessment the AO has valued the closing stock by applying weighted average cost and not the cost price, as his contention is the assessee is folllowing LIFO method and the closing stock is under valued, but in fact the LIFO method is being applied but it has been applied from year to year and there is no change in method of valuation of closing stock for the last many years, and the last year case was also done in scruitny and there was no objection on this point. Please give some relevant case laws which can support my case before CIT A and tribunal. Thanks & regards CA Gaurav Jain |
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group�s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
.
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