2015 (12) TMI 1769

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..... ng value of the bonds not being held as long term investment was in the nature of a revenue loss and could have been claimed as such by the Assessee. The stand of the Revenue that this was only a notional loss and not allowable, is not tenable since bonds held as stock-in-trade can be valued at market rate or cost whichever is less. Disallowance u/s 14A - claim of the Assessee that it incurred .....

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..... VIBHU BAKHRU For the Appellant : Mr. Rahul Chaudhary, Senior Standing counsel with Mr. Ruchir Bhatia, Advocate. O R D E R CM No. 30046/2015 (for condonation of delay in filing the appeal) in ITA No. 939/2015 CM No. 30047/2015 (for condonation of delay in filing the appeal) in ITA No. 940/2015 1. For the reasons stated in the applications, the delay in filing the respe .....

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..... ent was in the nature of a revenue loss and could have been claimed as such by the Assessee. The stand of the Revenue that this was only a notional loss and not allowable, is not tenable since bonds held as stock-in-trade can be valued at market rate or cost whichever is less. 6. The second issue concerns the claim of the Assessee that it incurred no expenditure, other than the administrative e .....

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