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2002 (8) TMI 803 - AT - Income TaxExtract: .......rice whichever is lower which is the proper method in arriving at the value of closing stock. In this view of the matter, the Department is not justified in disallowing any part of the losses only on the ground that there is a loss due to the change of accounting in respect of closing stock. In the result, the appeal of the assessee stands allowed.
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