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2014 (8) TMI 389 - DELHI HIGH COURTRevaluation of securities - Reduction in closing stock on loss – Held that:- Securities held by the assessee-bank are the stock-in-trade of the business of the assessee-banks and the notional loss suffered on account of the revaluation of the said securities at the close of the year is an allowable deduction in the computation of the profits - The tribunal had rightly following the decision Commissioner of Income Tax Vs. The Nedungadi Bank Ltd. [2002 (11) TMI 29 - KERALA High Court] was of the view that the securities so retained should be and have to be treated as stock-in-trade of the assessee - reduction in market price of the securities held as stock in trade has to be taken on record and in the books – no question of law arises for consideration – Decided against revenue.
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