https://www.taxtmi.com/caselaws?id=68318 A subsequent Supreme Court declaration of law may operate retrospectively and reveal an error apparent from the record, justifying rectification under section 254(2). The Tribunal also reiterated that banking companies' shares and securities, though shown as investments in statutory balance sheets under the Banking Regulation Act, may still constitute stock-in-trade for income-tax purposes. Where the assessee has consistently valued such stock at cost or market value, whichever is lower, that method cannot be ignored in computing real income. The rectification application was allowed and the claimed valuation losses for the relevant assessment years were directed to be granted. en-us Tue, 14 May 2002 00:00:00 +0530 Sat, 03 Sep 2011 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68318 A subsequent Supreme Court declaration of law may operate retrospectively and reveal an error apparent from the record, justifying rectification under section 254(2). The Tribunal also reiterated that banking companies' shares and securities, though shown as investments in statutory balance sheets under the Banking Regulation Act, may still constitute stock-in-trade for income-tax purposes. Where the assessee has consistently valued such stock at cost or market value, whichever is lower, that method cannot be ignored in computing real income. The rectification application was allowed and the claimed valuation losses for the relevant assessment years were directed to be granted. Case-Laws Income Tax Tue, 14 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68318