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2007 (8) TMI 316 - HC - Income TaxReassessment proceedings - closing stock of the assessee-firm on the dissolution was valued at cost price - Assessing Officer, however, found that it should have been valued at market price – original assessment completed adopting the original cost price – reopening of assessment on advice of internal audit party – held that opinion of an internal audit party regarding valuation of closing stock at market price was a change of opinion - Such change of opinion cannot justify the reassessment proceedings
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