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ITO, Ward-13 (1) , Kolkata Versus M/s Abhinand Investment Ltd. And Vice-Versa

Disallowance of diminution in value of closing stock - method of valuation of closing stock of quoted shares - Held that - We find that the assessee had placed reliance on the said CA s certificate and had accordingly valued its closing stock by adopting the breakup value per share as on 31.03.2004, as it was lower than cost of the unquoted shares. We also find from the accounting policy of the assessee company which are part of the audited financial statements and from point 1C enclosed in page....... + More



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