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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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....