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1964 (7) TMI 42 - HC - Income TaxExtract: .......ht to value his closing stock at cost price or market price, whichever is lower, and, in the present case, there is no doubt that the market price was "nil". The question is therefore answered in the negative and in favour of the assessee, who will be entitled to his costs. Counsel's fee ₹ 250. Question answered in the negative.
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