Assessees consistently followed LIFO method till AY 2017-18. Retrospective amendment by Finance Act, 2018 requiring FIFO could not be applied to opening stock of AY. 2017-18 as returns were filed earlier. Court directed that both opening and closing stock for AY 2017-18 be valued under same method, either LIFO or FIFO/Weighted Average, and quashed contrary notices. (AY. 2017-18)
P.A. Jose v. UOI (2025) 343 CTR 499 (Ker)(HC)
S. 145 : Method of accounting-Valuation of stock-LIFO method-Retrospective ICDS (II) mandating FIFO/Weighted Average not applicable to AY 2017-18 opening stock-Relief granted. [S. 145(2), 145A, ICDS (II), Art. 14, 226]
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