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High Court Stresses Strict Scrutiny on Reclassification of Shares from Stock in Trade to Investment for Tax Accuracy.
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....Nature of investment - in the nature of trade or not - Assessee had changed the treatment of the shares by treating them as investment instead of stock in trade - income tax authorities, ought to strictly scrutinise such claims as to 'regrouping' of figures appearing in the audited and signed accounts by an Assessee subsequent to such signing. - HC....