Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
In view of the observation, we are of the view that the claim of the assessee could not be rejected merely on the ground that in the books of account the securities were being valued as per the notifications issued by the R.B.I. However, it is not clear from the orders of the lower authorities whether such securities were held by the assessee by way of stock in trade or by way of investment. It is also not clear as to what was the market value on the last date of the accounting year. In our view the matter should go back for denovo assessment on this issue in the light of the judgment of United Commercial Bank (supra). Accordingly, the order of the CIT(A) is set aside on this issue and the matter is restored to the file of the A.O. for fresh adjudication in the light of the aforesaid Supreme Court judgment after examining all the necessary facts
Citation :
M/s Punjab & Sind Bank,H.O. A/c & Audit Department,38-39, Naraina Industrial Area,New Delhi.(Appellant)Vs. Deputy Commissioner of Income Tax,Special Range-14,New Delhi. (Respondent)
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