https://www.taxtmi.com/caselaws?id=216945 An assessee bank's investment portfolio was treated as stock-in-trade, permitting valuation at cost or market value, whichever is lower, for income-tax purposes. The Tribunal applied the principle that taxable income must reflect real income computed under the regularly employed accounting method and relied on its earlier decision on identical facts in the assessee's own case. On that basis, the bank's valuation method was accepted and the claimed deduction was allowed, while the Revenue's objections were rejected. en-us Mon, 18 Jun 2012 00:00:00 +0530 Wed, 26 Sep 2012 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216945 An assessee bank's investment portfolio was treated as stock-in-trade, permitting valuation at cost or market value, whichever is lower, for income-tax purposes. The Tribunal applied the principle that taxable income must reflect real income computed under the regularly employed accounting method and relied on its earlier decision on identical facts in the assessee's own case. On that basis, the bank's valuation method was accepted and the claimed deduction was allowed, while the Revenue's objections were rejected. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216945