1977 (2) TMI 42

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....hich is in dispute is with regard to the valuation of the closing stock. The ITO stated that the assessee valued the closing stock at Rs. 20 per bundle whereas the purchase price was Rs. 33 and odd. The AAC agreed with this reasoning and that is how a sum of Rs. 17,000 came to be confirmed as addition. 2. Mr. Sastry appearing for the assessee pointed out that the dinning become brittle and are ....