TMI Blog2020 (2) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... be determined by deducting on sale proceeds and the market value at the time of their conversion into stock-in-trade. The aforesaid principle has neither been taken into account by the AO as well as by the CIT (Appeals) and the Tribunal. It is not in dispute before us that the CIT (Appeals) and the Tribunal has not examined the aforesaid aspect of the matter. In view of preceding analysis, the substantial question of law No.1 framed by this Court is answered in favour of the assessee and against the revenue. In the result, the order passed by the Assessing Officer as well as CIT (Appeals) and the Tribunal are hereby set aide and the matter is remitted to the Assessing Officer to decide the matter afresh . - I.T.A. NO.69 OF 2015 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as holding certain shares as investments while she was a minor. On attaining majority, the assessee converted the shares into stock-in-trade and valued them on fair market value as on 01.04.2003 as per Section 45(2) of the Income Tax Act, 1961. The case was taken up for scrutiny and the assessment was completed vide order dated 28.12.2006 by which the Assessing Officer disallowed the assesse s claim for treating the shares as stock-in-trade and determined the income of the assessee at ₹ 2,75,48,980/-. Being aggrieved by the order of assessment, the assessee filed an appeal before Commissioner of Income Tax (Appeals) which was dismissed by an order dated 17.03.2010. The assessee filed an appeal before the Income Tax Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AX, PATIALA Vs. GROZ-BECKERT SABOO LTD. 1979 (116) ITR 125 (SC). On the other hand, learned counsel for the revenue has supported the order passed by the Tribunal and has taken through the order passed by the Assessing Authority, Commissioner of Income Tax (Appeals) as well as the Tribunal. 6. We have considered the submissions made by the learned counsel for the parties and have perused the record. The entire issue pertains to valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock. The Tribunal by an order dated 17.09.2010 had remanded the matter to the Assessing Officer. The relevant extract reads as under: We therefore remit the case back on the file of the Ld. AO to re-compute the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
