Wednesday, 12 June 2013

Valuation loss is allowable even if stock-in-trade shown as investment in compliance with RBI guidel

IT : Even though assessee-bank disclosed shares as investments in balance sheet to comply with RBI Guidelines, it is not estopped from treating the same as stock-in-trade for income-taxes and claiming valuation loss thereon where these shares have been consistently shown as stock-in-trade in income-tax in the past years also


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