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2018 (2) TMI 1698 - AT - Income TaxAddition of closing stock valuation - Held that:- The assessee’s impugned closing stock valuation is very much bonafide one in tune with accounting standard no.2 adopting for the first time in the current assessment year. Hon’ble jurisdictional high court’s judgment in CIT vs. Atul Products Ltd. [2001 (2) TMI 28 - GUJARAT High Court] holds that such an addition of sum difference reducing taxable income in case of change in stock valuation method is not sustainable as a resultant effect. DR next refers to assessee’s survey statement. This latter plea is not found germane to the instant issue since the CIT(A) has already concluded in his operative part that the preceding round of assessment had already dealt with this survey statement aspect. We therefore see no reason to interfere with the CIT(A)’s findings extracted hereinabove deleting the impugned addition. - Decided in favour of assessee
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