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2019 (2) TMI 1645 - HC - Income TaxValuation of closing stock - ITAT accepted the weighted average method, adopted by the assessee, to treat the valuation - assessee relied on India Accounting Standard 2 (India AS-2), framed by the Institute of Chartered Accounts of India - HELD THAT:- This Court has considered 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 that no substantial question of law arises in this appeal.
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