https://www.taxtmi.com/caselaws?id=414847 Valuation loss on securities held as stock-in-trade was allowable where banks followed a consistent accounting method and closing stock was valued at cost or market value, whichever was lower. The Tribunal applied the principle that anticipated diminution in year-end stock value is deductible in computing business income, including for securities in available-for-sale and held-for-trading categories. It also noted that statutory balance-sheet presentation did not prevent recognition of the loss for tax purposes. The disallowance was deleted, and the assessee's deduction claim was accepted. en-us Mon, 18 Oct 2021 00:00:00 +0530 Wed, 17 Nov 2021 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414847 Valuation loss on securities held as stock-in-trade was allowable where banks followed a consistent accounting method and closing stock was valued at cost or market value, whichever was lower. The Tribunal applied the principle that anticipated diminution in year-end stock value is deductible in computing business income, including for securities in available-for-sale and held-for-trading categories. It also noted that statutory balance-sheet presentation did not prevent recognition of the loss for tax purposes. The disallowance was deleted, and the assessee's deduction claim was accepted. Case-Laws Income Tax Mon, 18 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414847