Assessing Officer Finds Assessee Undervalued Closing Stock from Opening Inventory; No Purchases Made During the Year.

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....Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing stock, only the opening stock items were there, hence assessing officer has rightly caught the mistake of the assessee for under valuation of closing stock. - AT....