ITAT accepts LIFO method of Closing Stock Valuation by Jewellery Company

M/s Roopshree Jewellers (P) Ltd Vs ITO (ITAT Kolkata) We find that the assessee had duly reflected in the audited financial statements under Significant Accounting Policies with regard to inventory valuation as under:- Gold : At cost including making charges under LIFO method Diamond : At cost or net realizable value whichever is lower under LIFO method Pearl & Emerald : At cost under LIFO method We find that the said accounting policy is part and parcel of the audited financial statements which has been approved by the shareholders in the general body meeting. It is not in dispute that t...