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1925 (1) TMI 4 - HC - Income TaxExtract: .......is is not a case really of the assessees having made no profit for the second year, for that entirely depends upon how the calculation is made. If he starts the second year with stock worth ₹ 6, the value he has put on it at the end of the previous year and if he sell it at ₹ 8-8-0 as he seems to have done, there is manifestly a profit.
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