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Weighted Average Cost method ignored? – Mumbai ITAT sends gold stock valuation addition back for fresh examination
Case Law Details
- Case Name
- Classic Ornaments Private Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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Classic Ornaments Private Limited Vs DCIT (ITAT Mumbai)
Weighted Average Cost method ignored? – Mumbai ITAT sends gold stock valuation addition back for fresh examination
In a significant ruling involving gold jewellery stock valuation, the Mumbai ITAT set aside an addition of ₹1.36 crore made on account of alleged undervaluation of closing stock, after observing that the lower authorities failed to properly examine the assessee’s method of valuation based on Accounting Standard-2 (AS-2) and ICDS-II.
The assessee, engaged in the business of manufacturing and trading ...
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