The Inspecting Assistant Commissioner of Income Tax, Assistant Range III, Calcutta by the assessment order dated 19th March, 1985 accepted the same.
Against that order, Bank preferred an appeal before the Income Tax Appellate Tribunal.
The practice followed by the Bank is entirely companytrary to the decision rendered by this Court in State of Travancore v. CIT Kerala, 1986 158 ITR 102.
Against the said judgment and order at the instance of the revenue, the aforesaid two questions were referred for the opinion of the High Court.
7,45,35,029 on account of closing stock of securities at the market value.
Hence, the order passed by the CIT under Section 263 was set aside.
The assessee was following mercantile system of according and loss claimed by the assessee had number been debited in the books of accounts.
