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Shares valuation as on 31.03.2008

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(Querist)
22 August 2008 in case of person dealing in shares regularly the profit or gains is treated as business income. Can i value stock holding as on 31.3.2008 taking market value as on 31.3.2008 The purchase cost is higher
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
01 September 2008 Yes, AS2 is not applicable and the method once adopted is supposed to be followed consistently.
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