Friday, 16 January 2015

CIT couldn't make revision when AO had accepted valuation of stock of securities on principles of AS

IT : Where assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, revisional order could not be passed on ground that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind


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