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1989 (8) TMI 136 - ITAT MADRAS-BExtract: .......is no warrant for such revaluation, the order of the Income-tax Officer accepting the profit shown by the assessee on the basis of the method of accounting regularly followed was not in any way erroneous and did not require to be revised under section 263. We, therefore, cancel the order of the Commissioner of Income-tax. 11. The appeal is allowed.
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