Same Methodology Must Be Applied for Valuing Opening & Closing Stock: Kerala HC

P. A. Jose Vs Union of India (Kerala High Court) In the legal case of P. A. Jose Vs Union of India, as adjudicated by the Kerala High Court, the central issue revolved around the valuation methodology for determining the opening and closing stock of a business entity for the Assessment Year 2017-2018. The petitioners in this case had been consistently using the Last In First Out (LIFO) method to value their opening and closing stock, which had been accepted by the Revenue authorities until 1st April 2017. The principle at the heart of the matter is the consistency in valuation methodology for ...