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2001 (8) TMI 269 - ITAT AHMEDABAD-AExtract: .......ng principles suggest for finalising financial statements by the said value. The profit/loss arrived from such financial statements will be the correct profit/loss of a business concern for the year for which these are prepared. Therefore, the view taken by Revenue authorities is not correct. 6. In the result, the appeal of the assessee is allowed.
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