Change in method of valuation of closing stock allowed if such change is bona fide and assessee has proper reasons for such change

RELEVANT PARAGRAPH

9. Section 153A(1) contains non-obstante clause and hence provisions of this section will over-ride the provisions of section 139, section 147, section 148, section 149, section 151 and section 153 of the Act. Under section 153A(1) the assessing officer is empowered is empowered to issue notices to the assessee searched for a period of six year sin order to assess the income on the basis of material found during the course of search.

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