Assessee can adopt one or the other method for income computation if a particular method has not been made mandatory: Kerala HC [Read Order]

The court noted that the retrospective amendment does not apply to assessees who consistently used the Last-In-First-Out (LIFO) method and filed their returns before the Finance Act, 2018
Kerala high court - kerala hc news income computation - Income computation methods - LIFO - FIFO - TAXSCAN

A Single Bench of the Kerala High Court has directed the Department to either accept the LIFO-based valuation for both opening and closing stock for the 2017-18 assessment year or allow the petitioner to use FIFO or the weighted average cost method for their stock valuation. It was also observed that, for those who did…

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