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1993 (6) TMI 132 - ITAT MADRAS-AExtract: ....... scrap value must be taken as the opening stock of the subsequent year must be understood. And, as already pointed out, the point is well taken. 15. We, therefore, direct the Assessing Officer to take the sum of Rs. 2,78,907 as opening stock of the scrap for purposes of future adjustments. 16. In the result, the assessee s appeal is partly allowed.
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