Assessee is engaged in business of manufacturing and selling of gold ornaments who followed LIFO method of valuation. AO held that assessee undervalued stock which was below average cost price of gold and made certain addition to assessee’s income. Tribunal having accepted assessee’s explanation, deleted addition made by AO. High Court affirmed the order of Tribunal. (AY. 2010-11).
CIT v. Sharad Mohanlal Shah (2019) 108 taxmann.com 35 (Guj.) (HC) Editorial: SLP of revenue is dismissed, CIT v. Sharad Mohanlal Shah. (2019) 265 Taxman 539 (SC)
S. 145 : Method of accounting–Stock valuation of gold-LIFO method of valuation–Recognised in law–No substantial question of law. [S. 260A]