Valuing unsold scrips at market value and taxing not sustained as unrealized gain cannot be taxed

Dinesh Kumar Tak Vs ITO (ITAT Jaipur) ITAT Jaipur held that gain not realized during the year under consideration cannot be taxed under the head capital gain or as income under the head profit and gains of business or profession by valuing unsold scrips at market value. Facts- The assessee is proprietor of Liquor shops of IMFL & Beer retail shop at Jaipur, Kota. The case was selected for limited scrutiny through CASS and thereby the statutory notices as require were issued to the assessee and were served upon him. AO noted that based on the MTM summary or Global Report for the period 01.0...