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2012 (5) TMI 119 - HC - Income TaxAdditions made on account of under valuation of Closing Stock by the AO after recalculating cost of production – Held that:- The assessee is following Accounting Standard and is valuing the closing stock of finished goods and stock in process at costs, there was no justification to include the amount of interest and depreciation in recalculating cost of production - the assessee should adopt any accounting practice but it should disclose the true and proper income - no finding that by not including the depreciation and interest in the closing stock the true income of the assessee is not disclosed – against revenue.
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