https://www.taxtmi.com/caselaws?id=285525 Speculation loss incurred in Bombay was held set off against business income earned in Hyderabad, following prior authority that treated such loss as admissible against business profits. Where no regular method of stock valuation had previously been adopted, the assessee was permitted to value opening and closing cotton stock at market price even though it exceeded cost, because a valuation method is only required to be followed consistently once regularly chosen. Both questions were answered in favour of the assessee, and costs were awarded accordingly. en-us Thu, 24 Mar 1955 00:00:00 +0530 Sat, 18 Jan 2020 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285525 Speculation loss incurred in Bombay was held set off against business income earned in Hyderabad, following prior authority that treated such loss as admissible against business profits. Where no regular method of stock valuation had previously been adopted, the assessee was permitted to value opening and closing cotton stock at market price even though it exceeded cost, because a valuation method is only required to be followed consistently once regularly chosen. Both questions were answered in favour of the assessee, and costs were awarded accordingly. Case-Laws Income Tax Thu, 24 Mar 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285525