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2013 (12) TMI 946 - AT - Income TaxStamp duty valuation - stock in trade - Held that:- The assessee has disclosed the property in trial balance for all the years from 2000-01 to 2005-06 as part of stock in trade - The assessee was in the business of construction and development rights purchased by the assessee is part of stock in trade - The assessee could not get possession of the said property till the date the assessee transferred his rights in the said property to M/s Jajodia and Patel Properties - The assessee has treated the said property as stock in trade - The provisions of section 50C are applicable only in respect of capital asset, being land or building or both and there is no reference that the said provisions is applicable to stock in trade - The sale value as per agreement for sale of development rights under the facts and circumstances of the case is genuine - Decided against revenue.
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