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Books of account couldn’t be rejected just because assessee didn’t maintain stock register

July 28, 2020[2020] 117 802 (Chandigarh - Trib.)

INCOME TAX: Mere fact of non-maintenance of stock register could not be basis for rejection of books of account

INCOME TAX: Applying Gross Profit Rate of year is not correct method of valuation of stock which ideally should be valued at cost or market price; for adopting an incorrect method of valuation, books of account could not be rejected
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