https://www.taxtmi.com/caselaws?id=326752 The Tribunal upheld the assessee's method of valuing closing stock of shares at 'cost or market price, whichever is less', citing Accounting Standards and rejecting Revenue's contention. Regarding disallowance under Section 14A read with Rule 8D for dividend income, the Tribunal ruled in favor of the assessee, holding that as the shares were held as stock-in-trade, no disallowance was justified. The Tribunal directed the AO to delete the disallowance for both assessment years, dismissing Revenue's appeals. The decision was issued on February 29, 2016. en-us Mon, 29 Feb 2016 00:00:00 +0530 Sat, 23 Apr 2016 10:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326752 The Tribunal upheld the assessee's method of valuing closing stock of shares at 'cost or market price, whichever is less', citing Accounting Standards and rejecting Revenue's contention. Regarding disallowance under Section 14A read with Rule 8D for dividend income, the Tribunal ruled in favor of the assessee, holding that as the shares were held as stock-in-trade, no disallowance was justified. The Tribunal directed the AO to delete the disallowance for both assessment years, dismissing Revenue's appeals. The decision was issued on February 29, 2016. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326752