https://www.taxtmi.com/caselaws?id=247778 Shares converted from investment to stock-in-trade had to be valued in accordance with the governing prudential norm, namely cost or break-up value, whichever was lower. The Court found that the assessee did not apply that basis at the date of conversion, and the negative break-up value reflected in the balance-sheet did not justify the higher valuation adopted. It also rejected parity with another company's shares because the two holdings were not shown to be of the same character, and dissimilar assets cannot be treated identically. The assessee's valuation was therefore unsustainable, and the addition based on the impugned share valuation was upheld. en-us Mon, 10 Mar 2014 00:00:00 +0530 Thu, 22 May 2014 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247778 Shares converted from investment to stock-in-trade had to be valued in accordance with the governing prudential norm, namely cost or break-up value, whichever was lower. The Court found that the assessee did not apply that basis at the date of conversion, and the negative break-up value reflected in the balance-sheet did not justify the higher valuation adopted. It also rejected parity with another company's shares because the two holdings were not shown to be of the same character, and dissimilar assets cannot be treated identically. The assessee's valuation was therefore unsustainable, and the addition based on the impugned share valuation was upheld. Case-Laws Income Tax Mon, 10 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247778