Assessee can adopt one or the other method for income computation if a particular method has not been made mandatory: Kerala HC [Read Order]
The court noted that the retrospective amendment does not apply to assessees who consistently used the Last-In-First-Out (LIFO) method and filed their returns before the Finance Act, 2018
By Manu Sharma - On May 30, 2024 4:33 pm - 2 mins read
A Single Bench of the Kerala High Court has directed the Department to either accept the LIFO-based valuation for both opening and closing stock for the 2017-18 assessment year or allow the petitioner to use FIFO or the weighted average cost method for their stock valuation. It was also observed that, for those who did…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
