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2006 (4) TMI 184 - ITAT BOMBAY-I - Income Tax
Extract:
........ On the same analogy, when the Legislature has imposed a new system of valuing the closing stock it is bound to have an impact in that year, but becomes neutral in nature in the subsequent years. We therefore, do not find any infirmity in the order of the CIT(A) on this issue and confirm the same. 11. In the result, both the appeals are dismissed.