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2011 (4) TMI 506 - HC - Income TaxApplication u/s 154 - Valuation of closing stock - Since the closing stock of one assessment year furnishes the figure of the opening stock for the succeeding year, it follows that the record showing the closing stock of assessment year 1959-60 formed a part of the evidence re1evant to the assessment for the assessment year 1960-61 - Merely because in the original return, there was a mistake on the part of the assessee, such fact cannot be a ground for refusing the prayer of rectification, when the mistake is apparent from the record and the dispute is also not debatable in view of the law settled by the Supreme Court long ago - the point regarding the method of valuation had already been examined by the Assessing Officer in the Assessment year 1986-87 and he had also examined the closing stock for that year - Held that: while passing order for the Assessment Years 1987-88 and 1988-89, the Officer ignored his own finding made for the Assessment year 1986-87 by not following the well-settled law of accountancy that the closing stock of an Assessment year should be the opening stock of the next Assessment year and thus, there was a glaring mistake apparent on the record - Decided in favor of the assessee
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