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Bench: Shri R.K. Panda & Shri V.P. Raoassessment Years: 2016-17
202 ITR 789) where the Court held that closing value of an asset of previous year ought to be taken as opening value of the asset for the immediately succeeding year. Relevant extracts of the decision are as under: “Thus, the value of the closing stock of the preceding year must be the value of the opening stock