https://www.taxtmi.com/caselaws?id=373244 The High Court addressed the valuation of trading assets for the profit and loss account. Following RBI guidelines, the Court ruled in favor of the assessee-Bank, upholding the valuation at cost price rather than market price to prevent inflated book profits. The judgment affirmed that the appreciation in security value did not constitute income for the Bank. The appeal was dismissed, and each party was directed to bear their respective costs. en-us Mon, 17 Dec 2018 00:00:00 +0530 Wed, 09 Jan 2019 07:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373244 The High Court addressed the valuation of trading assets for the profit and loss account. Following RBI guidelines, the Court ruled in favor of the assessee-Bank, upholding the valuation at cost price rather than market price to prevent inflated book profits. The judgment affirmed that the appreciation in security value did not constitute income for the Bank. The appeal was dismissed, and each party was directed to bear their respective costs. Case-Laws Income Tax Mon, 17 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373244