Case Law Details
Case Name : M/s Roopshree Jewellers (P) Ltd Vs ITO (ITAT Kolkata)
Appeal Number : I.T.A No. 442/Kol/2015
Date of Judgement/Order : 17/04/2018
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Kolkata
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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
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