{"id":9309,"date":"2020-01-19T16:10:53","date_gmt":"2020-01-19T16:10:53","guid":{"rendered":"http:\/\/itatonline.org\/digest\/twenty-first-century-management-services-ltd-v-ito-2019-108-taxmann-585-mad-hc-editorial-slp-of-the-assessee-is-dismissed-twenty-first-century-management-services-ltd-v-ito-2019-266-taxma\/"},"modified":"2020-01-19T16:10:53","modified_gmt":"2020-01-19T16:10:53","slug":"twenty-first-century-management-services-ltd-v-ito-2019-108-taxmann-585-mad-hc-editorial-slp-of-the-assessee-is-dismissed-twenty-first-century-management-services-ltd-v-ito-2019-266-taxma","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/twenty-first-century-management-services-ltd-v-ito-2019-108-taxmann-585-mad-hc-editorial-slp-of-the-assessee-is-dismissed-twenty-first-century-management-services-ltd-v-ito-2019-266-taxma\/","title":{"rendered":"Twenty First Century Management Services Ltd v ITO( 2019) 108 taxmann.585 (Mad) (HC)   Editorial: SLP of the assessee is dismissed  Twenty First Century Management Services Ltd v ITO ( 2019) 266 Taxman 1 (SC)"},"content":{"rendered":"<p>Dismissing the appeal of the assessee the Court held that \u00a0\u00a0the Tribunal has given\u00a0 specific finding that no case has been made out that there was theft etc. of the shares as no submission in this regard has been made. Moreover, in the absence of any complaint in this regard with concerned authorities, this aspect does not emerge for adjudication. The learned counsel of the assessee&#8217;s reliance upon case laws regarding valuation of stock is not relevant here as there is no dispute that consistently followed method of stock valuation should be adopted and lower of cost or market value should normally be adopted. But, if the system gives unexplained loss of more than 50% of the purchases, such a system cannot be relied upon. \u00a0\u00a0The finding of fact given by the Tribunal , hence no substantial question of law .\u00a0 (AY. 2003 -04)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss &#8211; Diminution in value of shares-  loss claimed by assessee by devaluing book value of shares purchased by them, could not be allowed as business loss . [ S.37 (1) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9309","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2q9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=9309"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9309\/revisions"}],"predecessor-version":[{"id":9310,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9309\/revisions\/9310"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}