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 audit

Please become a Premium member. If you are already a Premium member, login here to access the full content.