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Quiz for the week (21 April 2025) :

Son Jewellers is a proprietary concern engaged in jewellery business. It was valuing the closing stock at cost or NRV whichever is less. The cost was ascertained by following FIFO method. Now due to continuous increase in price of gold, the assessee wants to adopt LIFO method for the stock of inventory held as on 31st March,2025. Is it possible to do so? What would be your answer in case it is a corporate entity?

Share your thoughts on the above on or before 28.04.2025.

Email your reply at quiz.taxpub@gmail.com

Answers :