https://www.taxtmi.com/caselaws?id=372559 Jurisdictional objection failed because the record did not show a completed transfer of assessment jurisdiction before the order, and allocation of functions between income-tax authorities remained an administrative matter. Securities held as trading assets were treated as business stock, so year-end mark-to-market diminution and realised loss on sale were allowable business deductions on the cost-or-market, whichever is lower, basis. Interest on securities was not taxable on accrual before the contractual due date for payment, as no accrual arose merely through time apportionment. The assessee therefore succeeded on the substantive issues, while the revenue's appeals were rejected. en-us Fri, 21 Dec 2018 00:00:00 +0530 Tue, 25 Dec 2018 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372559 Jurisdictional objection failed because the record did not show a completed transfer of assessment jurisdiction before the order, and allocation of functions between income-tax authorities remained an administrative matter. Securities held as trading assets were treated as business stock, so year-end mark-to-market diminution and realised loss on sale were allowable business deductions on the cost-or-market, whichever is lower, basis. Interest on securities was not taxable on accrual before the contractual due date for payment, as no accrual arose merely through time apportionment. The assessee therefore succeeded on the substantive issues, while the revenue's appeals were rejected. Case-Laws Income Tax Fri, 21 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372559