Case Law Details
Brief of the Case
ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by the assessee, no addition is called for. This is not the case of the Revenue that the change in method of valuation of closing stock has not been consistently followed by the assessee after this year and therefore, in our considered opinion, no interference is called for in the order of CIT (A). No addition is sustainable on account of change in method of valuation.
Facts of the Case
Change in method of valuation of stock
The following question was raised –
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