2023 (7) TMI 699

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..... ifically rejected the Department s contention that the market loss of stock in trade, is not an ascertained liability. Thereby deduction of the amount, on account of the market loss suffered on stock in trade, was held in favour of the assessee as relying upon case of United Commercial Bank, Calcutta v. Commissioner of Income Tax, W.B.-III, Calcutta [ 1999 (9) TMI 4 - SUPREME COURT] HELD THAT: .....

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..... issible deduction in the hands of the assessee. The resultant challenge by the Revenue was rejected by the Income Tax Appellate Tribunal (ITAT) on 21.12.2016. The ITAT had specifically rejected the Department s contention that the market loss of stock in trade, is not an ascertained liability. Thereby deduction of the amount, on account of the market loss suffered on stock in trade, was held in fa .....

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