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2008 (4) TMI 186 - HC - Income TaxValuation of stock was inflated in the statement furnished to the bank for obtaining the maximum cash credit limit - Assessing Officer rejected this explanation of the assessee and made addition on account of the difference between the value of stock - Held that both authorities had taken into account the opening and closing stock of the last year and had rightly excluded the inflated stocks pertaining to the immediately preceding year – approach of tribunal could not be said to be erroneous
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