HC upheld addition for difference in Valuation of Closing Stock

Goa Carbon Ltd Vs JCIT (Bombay High Court at Goa)

In the present case, the Assessee, apart from submitting an unsigned chart, allegedly based on the books of account maintained by the Assessee, had failed to produce on record any material in support of the substantial variation between the cost price and the market price. In such a situation, there was nothing wrong with the approach of the Assessing Officer and the determination ultimately made by the Assessing Officer.

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