https://www.taxtmi.com/caselaws?id=49717 Closing stock is valued to ascertain true trading profit, and unrealised appreciation in unsold stock does not, by itself, create taxable income merely because it is marked at market value. The rise in value of silver held as closing stock was treated as notional and not separately chargeable as profit. The source and situs of accrual were held to be the place where the business was carried on, not the place where the stock was physically stored. Accordingly, the amount attributable to silver kept at Bikaner was not income accruing in an Indian State and did not qualify for exemption under section 14(2)(c). en-us Fri, 09 Oct 1953 00:00:00 +0530 Wed, 10 Sep 2014 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49717 Closing stock is valued to ascertain true trading profit, and unrealised appreciation in unsold stock does not, by itself, create taxable income merely because it is marked at market value. The rise in value of silver held as closing stock was treated as notional and not separately chargeable as profit. The source and situs of accrual were held to be the place where the business was carried on, not the place where the stock was physically stored. Accordingly, the amount attributable to silver kept at Bikaner was not income accruing in an Indian State and did not qualify for exemption under section 14(2)(c). Case-Laws Income Tax Fri, 09 Oct 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49717