Held, dismissing the appeal the Court held that the fall in the value of shares of the entity Vardhan Spinning  and General Mills Ltd   had been worked out based on the market quotation in the Stock Exchange, wherein prior to the rights issue on October 13, 1992, last-cum-right price of the shares was Rs. 610 per share and the first ex-right price of the shares on November 11, 1992 was Rs. 400 per share, resulting in fall in the price of the shares by Rs. 210 per share and such aspect had not been disputed by the Department. The judgments of the Supreme Court and Bombay High Court had been followed by this court in Navin Jindal v. Asst. CIT, (2006) 280 ITR 608 (P&H)(HC). The order of the Tribunal was not erroneous in allowing the loss and directing the Assessing Officer to allow it as carry forward loss to the subsequent years.(AY. 1993-94)