TMI BlogLong Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was...Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of account and in ITR filed by it on year to year basis. Had assessee been actually converted land into stock in trade, he would have obtained audit report u/s 44AB of the Act, filed audit report, disclosed sale of land as turnover and remaining land if any as stock in trade and failure to obtain such audited books of account clearly ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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