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2007 (4) TMI 249 - ALLAHABAD HIGH COURTValuation of closing stock of “bagasse” - assessee had not disclosed the closing stock of Bagasse as it was not being sold by it in open market & it is only used as fuel - Tribunal was justified in concluding that closing stock to be valued at cost or market price which ever is lower - valuation shown by assessee at the cost price was correct – guest house expenses not allowable – regarding interest levied u/s 220(2), no liability to pay interest arise prior to date of notice of demand u/s 156
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