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Valuation of closing stock by LIFO method accepted by revenue in past couldn't be rejected in subsequent yrs

May 16, 2018[2018] 93 159 (Kolkata - Trib.)

IT: Where valuation of closing stock of assesee according to LIFO method which was consistently followed by assessee since its inception was accepted by revenue in earlier assessment years, same could not be rejected in year under consideration

IT: Where assessee claimed that it had already included making charges of jewellery which were inclusive of wastage of gold in making process in valuation of its closing stock, since said statement of assessee was admitted by Commissioner (Appeals) without verification to said fact of inclusion of making charges in valuation of stock, matter was to be remanded

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