https://www.taxtmi.com/caselaws?id=117810 A bona fide change in the method of valuing closing stock from cost to market value is permissible where the new basis is regularly employed and enables proper computation of income; the resulting trading loss was deductible. Dividend exemption under section 15C(4) extends only to distributions attributable to profits on which tax is not payable under section 15C, and shareholder relief does not depend on prior company certification. On the facts, the dividend was not shown to arise from exempt profits, so exemption was denied. en-us Thu, 02 Mar 1961 00:00:00 +0530 Tue, 26 Jun 2012 16:39:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117810 A bona fide change in the method of valuing closing stock from cost to market value is permissible where the new basis is regularly employed and enables proper computation of income; the resulting trading loss was deductible. Dividend exemption under section 15C(4) extends only to distributions attributable to profits on which tax is not payable under section 15C, and shareholder relief does not depend on prior company certification. On the facts, the dividend was not shown to arise from exempt profits, so exemption was denied. Case-Laws Income Tax Thu, 02 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117810