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2012 (12) TMI 442 - ITAT MUMBAIDisallowance of loss on devaluation of shares - Shares are held as stock in trade and valued on Cost or NRV whichever is lower – Held that:- As the method of accounting adopted by the assessee was accepted by the Department in the earlier years. Not even single evidence has been placed on record by the A.O. to prove that the transaction is not genuine. In view of the consistent policy of the assessee company addition liable to be deleted. Issue decides in favour of assessee Disallowance of interest in respect of loan given to sister concerns – Funds were given to its sister concerns for the purpose of business expediency - Held that:- Following the decision in assessee own case related to previous years that it cannot be said that the funds given to sister concerns were not for the purpose of business expediency of the assessee. Such loan was used to repay of loan taken from the bank. No fresh borrowing from any of the banks and it is only due to addition of interest payable during the year and other miscellaneous expenditure that the figure of loan has undergone a change. Issue decides in favour of assessee
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