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1986 (12) TMI 49 - AT - Income Tax

The Appellate Tribunal ITAT Ahmedabad-B dismissed the appeal regarding the addition made on account of under valuation of stock. The IT authorities found an undervaluation of stock but the AAC of IT deleted the addition. The Tribunal upheld the decision, stating that undervaluation of stock could only be considered on the last day of the previous year. The appeal was dismissed.

 

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