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2016 (5) TMI 524 - AT - Income TaxAddition of undervaluation in closing stock of work-in-progress - Held that:- Assessee’s books of account have not been rejected u/s 145 of the Act, no specific defect has been pointed out in the quantitative records maintained by the assessee and above all ld. Assessing Officer has made addition just on the estimate basis and also due to the fact that in the next Asst. Year 2010-11 no addition has been called for by the same Assessing Officer on this ground on valuation of work in progress, we are of the view that addition needs to be deleted and, we, therefore, set aside the order of ld. CIT(A) - Decided in favour of assessee.
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