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1998 (7) TMI 37 - HC - Income TaxExtract: .......r finding that notwithstanding the fact that the sole proprietary business ceased to exist with effect from April 1, 1978, the closing stock has to be valued only at the cost price is sustainable in law ? are, therefore, answered in favour of the assessee and against the Revenue. As the assessee is unrepresented, there will be no order as to costs.
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