Change of method for valuing stock is valid if method was as per AS prescribed by ICAI

INCOME TAX: Where assessee during relevant year changed method of valuing finished stock from 'market value' to 'cost or market value whichever was lower' method, since changed method of valuing stock was as per AS prescribed by ICAI, it could be said that change in method of valuing finished stock was bona fide and assessee had rightly applied said method to its closing stock of finished goods and that same was to be applied for valuation of opening stock for that year, however,

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