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2008 (8) TMI 312 - HC - Income TaxValuation of Closing Stock and Plant & Machinery in Transit as on March 31 – AO found that the plant and machinery purchased on March 31, 1996, was not reflected in the closing stock and similarly, the statement shown to the banker and in the return of income filed by the assessee before the Department there is a difference in value of closing stock to an extent of Rs. 5,65,000 – Held that merely because assessee has not reflected the machines, is not a ground to assess the value of the goods received by the assessee after March 31, 1996 as an income – on the issue of closing stock mmissioner as well as the Tribunal have given a categorical finding that the stocks available with the assessee were in the warehouse and governed by the excise rules and it is also expressed by both the parties that it was always possible for the assessee to show the value of the stock-in-trade based on the actual realisable value to the Department and reflected value of the stock-in-trade for the purpose of banking – Therefore, both the questions answered in favor of assessee and against the Revenue.
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