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2002 (12) TMI 30 - HC - Income TaxValuation of stock - Whether, Tribunal was justified in holding that the higher market rate method of valuation of closing stock adopted by the assessee is correct, without appreciating that acceptance of the said method has resulted in a doctored abnormal gross profit ratio of 2054.60 per cent. which, by no yard stick of the basic principles of accountancy can be held as proper reflection of income? - (b) Whether Tribunal was justified in holding that the assessee has followed the market rate method for valuation of closing stock for several years, therefore, the same cannot be disturbed by the Assessing Officer? - We answer both questions in the negative, i.e., in favour of the Department and against the assessee
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