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Income Tax - Highlights / Catch Notes

Home Highlights January 2012 Year 2012 This

Conversion of land into Stock in Trade - Set off of brought ...

Income Tax

January 19, 2012

Conversion of land into Stock in Trade - Set off of brought forward losses - It was only the profit arising from sale of stock in trade that could be treated as profits of the business of the assessee of real estate development to the extent of difference between the sale price and fair market value of the land on the date of conversion.... - AT

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