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2007 (9) TMI 626 - HC - Income TaxExtract: ....... It was further held that the Assessing Officer was not right to adopt the ‘gross method’ for valuation of raw materials at the time of purchase and the ‘net method’ for valuation of stock on hand. 11. In view of above discussion, the questions referred to above are answered against the revenue and in favour of the assessee.
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