https://www.taxtmi.com/caselaws?id=67545 Securities shown as investments, rather than trading stock, could not be revalued at year-end to generate an allowable tax loss, because investment assets are ordinarily valued at cost until sale or transfer and a notional loss is not deductible under the Income-tax Act, 1961. The Tribunal also sustained the statutory disallowance under section 37(3A) for expenditure covered by that provision. In addition, the disallowance under section 80VV was upheld because the claim fell within the express monetary restriction on deduction for proceedings-related expenditure. en-us Wed, 07 Jan 1998 00:00:00 +0530 Fri, 11 Mar 2011 12:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67545 Securities shown as investments, rather than trading stock, could not be revalued at year-end to generate an allowable tax loss, because investment assets are ordinarily valued at cost until sale or transfer and a notional loss is not deductible under the Income-tax Act, 1961. The Tribunal also sustained the statutory disallowance under section 37(3A) for expenditure covered by that provision. In addition, the disallowance under section 80VV was upheld because the claim fell within the express monetary restriction on deduction for proceedings-related expenditure. Case-Laws Income Tax Wed, 07 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67545