Taxable Profit on Capital Asset Conversion: Deduct Market Value at Conversion from Sale Proceeds for Tax Calculation.

Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts his capital assets into stock-in-trade and starts dealing with them, the taxable profit on the sale must be determined by deducting on sale proceeds and the market value at the time of their conversion into stock-in-trade - HC .....

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