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2019 (8) TMI 302 - HC - Income TaxAddition on account of alleged suppression of the value of closing stock - Whether said addition is legally sustainable in view of the constantly followed and accepted method of accounting to value the closing stock in the past - HELD THAT:- question No.1 is covered against the assessee by the decision in M/s Kishan Chand & Co. Oil Inds. Ltd.' [2011 (12) TMI 243 - PUNJAB & HARYANA HIGH COURT] Accrual of interest on FDRs in the bank - when the assessee has been consistently following the cash system of accounting for the receipt of interest - HELD THAT:- Tribunal noticed that the assessee had been using the approval system as a practice but had resorted to the cash system randomly and came to the conclusion that this could not be permissible. We have no hesitation in accepting this exposition of law and consequently uphold the findings of the Tribunal and decide the reference accordingly, with the caveat made by the counsel regarding payment of tax in subsequent years and its exigibility to adjustment.
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