Assessee was holding certain shares as investments while she was a minor. On attaining majority, she converted shares into stock-in-trade and valued them on fair market value as on 1-4-2003 as per section 45(2).  Assessing Officer disallowed assessee’s claim for treating shares as stock-in-trade and determined income. Tribunal by an order dated 17-9-2010 remanded matter to Assessing Officer to re-compute profits by valuing closing stock at net realizable value of shares as on 31-3-2004 or at value of opening stock determined and adopted by assessee, i.e., conversion cost, whichever was lower. In remand proceedings, Assessing Officer valued closing stock at lower of cost (conversion cost) or net realizable value of shares.  Both Commissioner (Appeals) and Tribunal upheld order of Assessing Officer. On appeal the High Court directed the  Assessing Officer  to decide matter afresh in light of direction contained in order dated 17-9-2010 passed by Tribunal as well as principle laid down by Supreme Court in case of CIT v. Groz-Beckert Saboo Ltd. (1979 116 ITR 125 (SC).  (AY.  2004-05)