No addition for change in valuation of stock, where method changed in compliance of ICAI Accounting Standard

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

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