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Commissioner of Income Tax, Kolkata Versus M/s. Elite Commercial Pvt. Ltd.

2016 (7) TMI 401 - CALCUTTA HIGH COURT

Profit on sale of property - Nature of income - Business income v/s capital gain - Held that:- All along the said property has been held by the assessee as its capital asset and at no stage it was converted into its stock in trade. On similar set of .....

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this shall be treated as capital gain. - Decided against revenue - ITA No. 12 of 2010 - Dated:- 15-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appellant : Mr. Prithu Dudhoria, Advocate For the Respondent : Mr. Ramesh Kumar Chowdhury, M .....

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/2009 pertaining to the assessment year 2005-06. The revenue has come up in appeal. The question formulated at the time of admission of the appeal is as follows:- Whether on the facts and in the circumstances of the case the Income Tax Appellate Trib .....

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AO, the ground of appeals, the submission made at the time of appeal hearing and the details filed have been considered. It is seen that the appellant purchased the encumbered property in 1985 and declared the same as a capital asset in its books of .....

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ear 1989-90. The income therefrom was accepted and assessed as long term capital gain by the AO. Even after that there was no change in the nature of property and it was never changed from assets to stock-in-trade in the Balance Sheet. Block B , inco .....

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It does not provide for any presumption of automatic conversion of an asset into stock in trade. What it requires is conversion of a capital asset by that person into his stock in trade. In the instant case, there is nothing to suggest that at any s .....

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