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2013 (12) TMI 162 - HC - Income TaxValuation of stock of spares - Held that:- The items may be small in nature, may be numerous but each item which is in stores of the assessee is required to be valued - The assessee cannot be permitted to assert that the stock of spares is not required to be valued in the closing stock - The assessee retains stock of spares for 15 days - The CIT(A) valued the stock not for 30 days but for 15 days - The valuation accepted by the Commissioner of Income Tax (Appeals) is correct - Decided in facour of Revenue.
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