if assessee holding shares as investment and as stock-in-trade separately and if this position has not been doubted in earlier years, then the same cannot be altered merely because of amendment in law

ITO Vs. Landmark Finance Pvt. Ltd. (ITAT Kolkata)-  The facts are not disputed that the assessee was dealing shares as trader in shares as well as holding the shares as investment. It is not disputed that the assessee had kept both the portfolios separately and the mode of valuation of stocks held as investment and stock held as stock-intrade was different. The investments were valued at cost and it was shown in the balance sheet only whereas stock-in-trade was valued at cost or market price, whichever was lower and the loss was, accordingly, claimed in the Profit & Loss A/c. and allowed...