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2013 (11) TMI 1544 - AT - Income TaxDisallowing adjustment U/s.145(A) - As in the closing stock of current year, excise duty of ₹ 4,64,949/- is not included also excise duty of ₹ 4,03,662/- is not included in the opening stock of the current assessment year - Held that:- The Hon’ble High Court of Delhi in the case of CIT vs. Mahavir Aluminium Ltd. reported at (2007 (11) TMI 41 - HIGH COURT OF DELHI) has held that whenever any adjustment is made in the valuation of stock, this will effect both; opening as well as closing stock. In the present case also, the AO has not taken into consideration the opening as well as closing stock. Therefore, respectfully following the aforesaid decision, we hereby direct the AO to restrict the addition to ₹ 61,387/- and delete a sum of ₹ 4,03,662/-, Thus, this ground of assessee’s appeal is allowed to that extent
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