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TMI Blog2012 (2) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Respondent. P.C.: 1 Four questions of law have been raised by the Revenue in this Appeal under Section 260A of the Income Tax Act, 1961. The Appeal arises out of an order of the Income Tax Appellate Tribunal dated 30 January 2008 for Assessment Year 1997 98. The questions of law raised are as follows: (i) Whether on the facts and circumstances of the case and in law, the ITAT is right in di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions (ii) and (iii). 3 As regards question (i), the Tribunal has observed that the LIFO method of accounting of the closing stock was followed by the Assessee right from Assessment Year 1987 88. The Tribunal, following the decision of its coordinate bench, directed the Assessing Officer to value the closing stock in accordance with the LIFO method and further directed that if on verification it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the LIFO method and the assessments were completed under Section 143(3). Those assessment orders have attained finality. For Assessment Years 1985 86 and 1986 87, the Revenue did not dispute the value of the closing stock adopted by the Respondent on the basis of the LIFO method. For Assessment Years 1987 88 to 1992 93, the Tribunal by its diverse orders held that the value of the closing sto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt view which has been taken by the Tribunal is to accept the LIFO method. This is an accepted method for valuation of stock. The method has been regularly followed by the Assessee. This is not a case where the Assessing Officer was not satisfied with the completeness of the accounts of the Assessee or where the method of accounting has not been regularly followed or does not comply with the accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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