https://www.taxtmi.com/caselaws?id=24831 Interest routed directly to an interest suspense account is taxable and therefore assessable in favour of the revenue; the precedent treating amounts routed through suspense accounts governs that treatment. A change in valuation of closing stock of securities to the lower of cost or market is permissible where the change is bona fide, based on recognised commercial accounting practice, and thereafter consistently applied; the Tribunal's approval of that valuation method is sustained and the question is decided for the assessee. The valuation may be recognised for tax purposes even if the loss was not earlier debited in the profit and loss account, provided the market diminution is genuine and reflected in the balance sheet. en-us Tue, 02 Aug 1988 00:00:00 +0530 Wed, 11 Feb 2026 16:21:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24831 Interest routed directly to an interest suspense account is taxable and therefore assessable in favour of the revenue; the precedent treating amounts routed through suspense accounts governs that treatment. A change in valuation of closing stock of securities to the lower of cost or market is permissible where the change is bona fide, based on recognised commercial accounting practice, and thereafter consistently applied; the Tribunal's approval of that valuation method is sustained and the question is decided for the assessee. The valuation may be recognised for tax purposes even if the loss was not earlier debited in the profit and loss account, provided the market diminution is genuine and reflected in the balance sheet. Case-Laws Income Tax Tue, 02 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24831