If the assessee has converted capital asset into stock in trade ...

Income Tax

May 4, 2016

If the assessee has converted capital asset into stock in trade in prior years, then part of the profit arising on sale of land, shall be chargeable to tax under the head capital gains and part of the profit under the head business income - AT

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If the assessee has converted capital asset into stock in trade ...

Income Tax

May 4, 2016

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Capital gain on conversion of capital asset into stock in trade is payable only in the year in which the assessee ultimately sells such stock in trade.

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