Valuation of closing stock - India AS-2 - The FIFO method, which the AO preferred, is one of the...

Valuation of closing stock - India AS-2 - 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 - no substantial question of law arises .....

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