He made no direct reference to the controversies over the CAG reports on presumptive loss in the 2G spectrum allocation or the gains to private corporates in the coal block allotment but himself drew attention to the ongoing "controversies on valuation".
The CJI also lauded Prime Minister's address to the nation yesterday on the economic situation saying he brought out the "doom's day that if we are not careful the young will suffer".
"Sometime we see certain (TV) programmes and we build up our perceptions. How many of us know the basic principle of valuation. Today a number of controversies on valuation are discussed but the basic principle of valuation is that loss is a matter of fact and profit is a matter of opinion.
"Please apply this test on the controversy going on. I do not want to discuss anything further. Loss is a matter of fact and profit and gain is a matter of opinion.
"So if you understand these principles we will be able to judge. Our perception will become more sound and we know where the shoe pinches," Justice Kapadia said addressing the international conference here on Economic Growth and Changes of Corporate Environment in Asia. MORE