High Court Directs Tribunal on Valuation of Stock & Tax Deletions

The High Court directed the Tribunal to refer questions on the valuation of closing stock and deletion of income tax additions, ordering the Tribunal to prepare a statement for its opinion.

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The High Court of Punjab and Haryana directed the Tribunal to refer questions regarding the valuation of closing stock under ad hoc accounting method and deletion of additions made by the Commissioner of Income-tax. The court ordered the Tribunal to draw up a statement of the case for its opinion.

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