https://www.taxtmi.com/caselaws?id=335051 Negative stock cannot be accepted as a valid inventory figure for tax computation, so opening and closing stock must be valued on the same basis and any verified adjustment may be made only after Assessing Officer verification. Share trading income was treated as non-speculative because the activity formed part of the assessee's principal business, so the Explanation to section 73 did not apply and allocation of administrative expenditure to a speculative segment had no basis. A revised stock computation that matched the balance sheet and reflected only a valuation-rate change supported deletion of the related addition. en-us Tue, 04 Oct 2016 00:00:00 +0530 Fri, 25 Nov 2016 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335051 Negative stock cannot be accepted as a valid inventory figure for tax computation, so opening and closing stock must be valued on the same basis and any verified adjustment may be made only after Assessing Officer verification. Share trading income was treated as non-speculative because the activity formed part of the assessee's principal business, so the Explanation to section 73 did not apply and allocation of administrative expenditure to a speculative segment had no basis. A revised stock computation that matched the balance sheet and reflected only a valuation-rate change supported deletion of the related addition. Case-Laws Income Tax Tue, 04 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335051