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2004 (11) TMI 82 - ALLAHABAD HIGH COURTValuation of the closing stock - Tribunal has recorded a categorical finding of fact that the appellant has not valued the closing stock at average cost price as it has also taken into consideration the value of the opening stock as on April 1, 1990 whereas normally the opening stock being purchase for earlier year is utilized for manufacturing and it cannot be conceived that it was available at the end of the year. The principle of "last come first go" should apply. In this view of the matter, we do not see any infirmity in the order of the Tribunal. - Thus, on the finding recorded by the Tribunal that the valuation of the closing stock was not on the average cost price, we are of the considered opinion that the Assessing Officer was justified in taking the price submitted by the marketing inspector for valuation of the closing stock.
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