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.
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…
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
- Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
₹2299 + GST for 1 year
Subscribe Now
Already Subscribed?
Login Now
