Opening and Closing Stock is to be valued using same Methodology: 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.
By Manu Sharma - On May 30, 2024 5:20 pm - 2 mins read
A Single Bench of the Kerala High Court has ruled that Clause 16 of the Income Computation and Disclosure Standards ( ICDS ), which mandates the use of the first-in, first-out ( FIFO ) or weighted average cost for inventory valuation, cannot be applied to the opening stock valuation for the Assessment Year 2017-2018. The…
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