Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1331 - HC - Income TaxMethod of Valuation of closing stock - FIFO or LIFO method - as per the assessee undervalued the stock which was below the average cost price of gold - Held that:- This Court had issued notice for considering the remand of the matter as was done by the Tribunal in case of the assessee for the Assessment Year 20072008. In response to such notice, Shri Tushar Hemani, learned counsel appeared for the assessee pointed out that the Tribunal orders for the Assessment Year 2007-2008 concerning two issues; one was the deployment of LIFO method for valuation of closing stock and the other was the portion declared by the assessee at the time of survey which remain unsold and which had come to the part of the closing stock adopted certain rate per gram of the gold. He pointed out that, insofar as applying LIFO method is concerned, the Tribunal had confirmed the view of the CIT(Appeal) and the remand was merely for the purpose of later issue. As perused the order of the Tribunal for the Assessment Year 2007-2008 and confirmed this position. It is therefore not necessary to remand the matter for proceedings. Thus sole question arises in the present appeal is therefore confined to LIFO method.
|