Quiz for the week (06 Jul 2026) :
Poushika (P) Ltd is engaged in both manufacture and trading activity. In the assessment under section 143(3) the closing stock was found to be under-valued by Rs.80 lakhs and consequently it was added to the returned income. The assessee wants to claim the opening stock of the subsequent year to be enhanced by the same amount. Is this tenable in law?
Share your thoughts on or before 13.07.2026.