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2014 (5) TMI 618 - ITAT CHENNAIMethod of valuation of closing stock – FIFO – Held that:- It has been decided in the case of the assessee for the earlier assessment year, that the assessee has been following consistent method of valuation of closing stock – the method adopted has been upheld the basis of valuation of closing stock of the assessee – Revenue has not been able to show as to how position has varied in the present AY - the assessee has been consistently following FIFO method for the purpose of valuation of stock – thus, there is no reason to interfere in the order of the CIT(A) – Decided against Revenue.
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