https://www.taxtmi.com/caselaws?id=12453 The High Court ruled against the assessee in both issues, upholding the Assessing Officer's method of valuing opening stock based on market value and denying the deduction for maintenance charges. The court emphasized that profits from share sales should be based on market value at the date of conversion into stock-in-trade, not the original purchase price. Additionally, it clarified that voluntary charges, such as those in a deed of partition, are not deductible under section 24(1)(iv) of the Income-tax Act. The judgment favored the Revenue, and the reference was disposed of without costs. en-us Tue, 28 May 2002 00:00:00 +0530 Thu, 25 Feb 2010 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12453 The High Court ruled against the assessee in both issues, upholding the Assessing Officer's method of valuing opening stock based on market value and denying the deduction for maintenance charges. The court emphasized that profits from share sales should be based on market value at the date of conversion into stock-in-trade, not the original purchase price. Additionally, it clarified that voluntary charges, such as those in a deed of partition, are not deductible under section 24(1)(iv) of the Income-tax Act. The judgment favored the Revenue, and the reference was disposed of without costs. Case-Laws Income Tax Tue, 28 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12453