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2009 (8) TMI 658 - HC - Income TaxValuation of Closing Stock- (i) Whether the order of the Tribunal is perverse in upholding the addition on account of valuation of closing stock without appreciating the evidence in the form of comparative results of other mill owners and the sale bills of immediately succeeding year which evidence remains unrebutted ? (ii) Whether the Tribunal was justified in upholding the additions on account of valuation of closing stock without any finding of sales and purchase outside books of account? Tribunal held that in absence of proper and complete record, the Assessing Officer was justified in making assessment on the basis of available material. Held that- dismissing the appeal, that the findings of the Tribunal were findings of fact based on appreciation of evidence and was not perverse.
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