https://www.taxtmi.com/caselaws?id=284210 The High Court ruled in favor of the assessee in a case concerning the deduction of Government securities under the 'available for sale' classification, despite RBI guidelines. The Court emphasized that tax authorities cannot disregard the taxpayer's consistent accounting method based on their views. It was held that the treatment of investments as stock-in-trade for decades should not be disallowed solely based on balance sheet presentation. The judgment favored the assessee, stating that market value should be considered for deductions, leading to the dismissal of the revenue's appeal. en-us Tue, 02 Dec 2014 00:00:00 +0530 Thu, 07 Nov 2019 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284210 The High Court ruled in favor of the assessee in a case concerning the deduction of Government securities under the 'available for sale' classification, despite RBI guidelines. The Court emphasized that tax authorities cannot disregard the taxpayer's consistent accounting method based on their views. It was held that the treatment of investments as stock-in-trade for decades should not be disallowed solely based on balance sheet presentation. The judgment favored the assessee, stating that market value should be considered for deductions, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284210