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TMI Blog1965 (4) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... G. K. MITTER., S. A. MASUD. JUDGMENT The judgment of the court was delivered by MASUD J.- This reference under section 66(2) of the Income-tax Act, 1922, relates to the assessment year 1949-50, the corresponding year being 2005 R. M. (from April 17 1948, to 6th April, 1949). The question of law referred to us is as follows : " Whether the Appellate Tribunal was justified in taking the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in-trade and, he, therefore, treated the loss claimed as a loss arising from revaluation of investment and disallowed the same. Thereafter, the assessee appealed to the Appellate Assistant Commissioner and the Appellate Tribunal unsuccessfully. Mr. S. K. Banerjee, learned counsel for the assessee, has referred us to the finding of the Tribunal to the effect that the assessee was a dealer in shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstant case inasmuch as the assessee had, at all material times in the past valued the shares in an arbitrary way and no consistent method of valuation was adopted by him. Relying on In the matter of Messrs. Chouthmal Golapchand and Indo-Commercial Bank Ltd. v. Commissioner of Income-tax, he has urged that there should be a definite method of valuation adopted by the assessee which should be carri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no evidence that the assessee has pursued a particular method of valuation. On the contrary, it is admitted by the learned counsel for the assessee that stocks were valued in the past in an arbitrary way. As the assessee has not adopted any consistent method we cannot accept the contention of the learned counsel for the assessee that the shares at the end of the year should be valued on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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