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2008 (2) TMI 316 - HC - Income TaxAdjusting the unutilized MODVAT credit in the revaluation of opening stock - revenue contend that Section 145-A provides for valuation of the Closing Stock and it has not provided any adjustment to be made in the valuation of the opening stock – revenue contend that assessee has got undue benefit by revaluation - held that it is not open to AO to treat outgoings as income u/s 145 - held that AO is bound to adopt the method of computation of income regularly employed by the assessee
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