2019 (2) TMI 1645

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..... ered the Revenue s contentions. The FIFO method, which the AO preferred, is one of the Accounting Standard 2 method. However, equally the weighted average method is also a recognized mode for valuing the stock. The AO s opinion that the assessee had adopted inconsistent approach was not correct, as is borne out by the table extracted in the ITAT s order. As a result, this Court is of the opinion t .....

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..... elied on India Accounting Standard 2 (India AS-2), framed by the Institute of Chartered Accounts of India. The Assessing Officer (AO) was of the opinion that adoption of this method did not lead to disclosure of the true and correct value and rejected the weighted average method. The CIT(A) rejected the assessee s appeal. However, the ITAT noticed that the valuation methodology adopted by the asse .....

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