Stock-in-Trade - Definition / Legal Terminology - Income Tax

Stock-in-Trade Chambers 21st Century Dictionary, defines Stock-in-Trade as under: A something that is seen as fundamental to a particular trade or activity; b as adj. cliched -a story with stock-in-trade sentiments. all the goods that a shopkeeper, etc. has for sale. Blacks Law Dictionary, sixth edition, defines stock-in-trade as under: The inventory carried by a retail business for sale in the ordinary course of business. Also, the tools and equipment owned and used by a tradesman. Law Lexicon by Sri P Ramanatha Aiyar, second edition, Stock-in-trade is defined as under: Comprises all such chattels as are acquired for the purpose of being sold, or let to hire, in a person s trade. CIT VERSUS ING VYSYA BANK LTD.- 2013 (6) TMI 43 - KARNATAKA HIGH COURT