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2017 (12) TMI 1174 - AT - Income TaxTransaction of conversion of shares from stock-in-trade to investment and its subsequent sales - LTCG OR business income - Held that:- As relying on case of Deeplok Financial Services Ltd. Versus CIT-A [2017 (4) TMI 300 - CALCUTTA HIGH COURT] wherein held Section 45(2) of the Act provides for conversion by the owner of a capital asset into or its treatment by him as stock-in-trade of a business carried on by him as chargeable to income-tax as income of his previous year in which such stock-in-trade is sold or otherwise transferred by him and fair market value of the asset on the date of such conversion or treatment shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of a capital asset. The Act however does not provide for the conversion of stock-in-trade into capital asset. - Decided against revenue
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