Court Rules Investment Valuation Loss Deductible in Business Income; Assessing Officer's Decision Overturned for Lack of Consideration.

Court Rules Investment Valuation Loss Deductible in Business Income; Assessing Officer's Decision Overturned for Lack of Consideration. https://www.taxtmi.com/highlights?id=60564 Valuation of investments held as stock in trade - whether the loss of in account of valuation of stock can indeed be allowed as a deduction in computation of business income? - The the action of the AO, which has been upheld by the learned CIT(A) in a very mechanical manner without application of mind, cannot meet our judicial approval. - Additions to be deleted - AT en-us Thu, 18 Nov 2021 07:45:18 +0530 Thu, 18 Nov 2021 07:45:18 +0530 TaxTMI RSS Generator Court Rules Investment Valuation Loss Deductible in Business Income; Assessing Officer's Decision Overturned for Lack of Consideration. https://www.taxtmi.com/highlights?id=60564 Valuation of investments held as stock in trade - whether the loss of in account of valuation of stock can indeed be allowed as a deduction in computation of business income? - The the action of the AO, which has been upheld by the learned CIT(A) in a very mechanical manner without application of mind, cannot meet our judicial approval. - Additions to be deleted - AT Highlights Income Tax Thu, 18 Nov 2021 07:45:18 +0530 https://www.taxtmi.com/highlights?id=60564