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2007 (7) TMI 280 - HC - Income TaxMethod for valuation of closing stock - Assessing Officer held that the assessee could not explain the basis on which cost method was adopted and, therefore, made certain additions - held that since the assessee had been consistently adopting the cost method for valuation of closing stock, which has been accepted by the Revenue on earlier occasions also and that the method was in accordance with the well-accepted accounting principles, the Tribunal was right in deleting he additions
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