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2014 (4) TMI 695 - AT - Income TaxValuation of stock - Addition made on account of suppression of value of stock – Held that:- Scrutiny assessment was framed u/s a43(3) wherein the assessee company has accepted the reworking of opening/closing stock at average cost and accepted the addition – also, in the assessment year 2009-10 framed u/s 143(3) the assessee has revised return of income due to reworking of the opening/closing stock at average cost - in assessment year 2010-2011 also, the assessee has revised return of income due to reworking on opening/closing stock at average cost – thus, the matter is required to be remitted back to the AO for reworking of the opening/closing stock at average cost and fresh adjudication – Decided in favour of Assessee.
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