2009 (8) TMI 658

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..... ceeding 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 .....

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..... e 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 acc .....

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..... ds undervaluation of closing stock of rice, it was held that the assessee was not justified in valuing the closing stock at average market price instead of market price on the date of the closing of the books. The last sale made in March was a good guide to ascertain the market value. 5. Learned counsel for the assessee submits that the books of account had not been rejected while making the ass .....

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