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2003 (1) TMI 56 - HC - Income Tax"Whether, Tribunal was right in allowing the loss suffered on renouncing its rights entitlement to convertible debentures of Larsen and Toubro Ltd., ignoring the fact that the assessee was in receipt of Rs. 62,997 on account of sale of rights which was credited in the profit and loss account which was business income as these rights debentures were offered to the assessee in lieu of holding shares which were held as stock-in-trade and therefore any realisation/income which arose on account of stock-in-trade was definitely by way of income?" - We have examined the balance-sheet, the profit and loss account and the computation tendered by the assessee before the Assessing Officer, which indicates that the old shares held as stock-in-trade were valued at cost and not at market price. Mr. R.V. Desai, learned senior counsel appearing on behalf of the Department, fairly conceded that the old shares were valued at cost and not at market price. - the appeal filed by the Department is dismissed.
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