Reduction in price of stock-in-trade while computing business income allowable

Advertisement ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of income filed was selected for scrutiny assessment, which was completed under section 143(3) of the Income-tax Act, 1961 after making certain additions or disallowances. Aggrieved, the assessee filed an appeal before the CIT(A), who partly deleted t...