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2017 (6) TMI 1085 - BOMBAY HIGH COURTDisallowance of bad debts in respect of write off of investment / stock - Held that:- CIT(A) and the Tribunal had concurrently appreciated the accounting system. The CIT(A) has observed that the Assessing Officer has accepted that the assessee is following lower of cost or market value of closing stock. It is evident that the whole of the investment has turned bad and it does not and cannot have any market or intangible value. As such, the assessee has taken its market value as NIL in the books of account. Apex Court in the case of United Commercial Bank (1999 (9) TMI 4 - SUPREME Court) has observed that in income tax return, the valuation made at cost or market value, which ever was lower, is a valid method to be followed and the same is accepted by the Income Tax Department.
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