CONVERSION OF CAPITAL ASSET INTO STOCK

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..... SIR AN INDIVIDUAL ENGAGED IN REAL ESTATE BUSINESS PURCHASED A LAND AS AN INVESTMENT IN THE MID OF YEAR SAY SEPT. LAND WAS PURCHASED IN CASH.HOWEVER, ON CLOSURE OF ACCOUNTS HE REVIEWED AND CONVERTED .....

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..... CAPITAL ASSET PURCHASED INTO STOCK. CASH WAS WITHDRAWN FROM BANK ON DATE OF PURCHASE OF LAND ADN INTENTION WAS INVESTMENT. NOW CAN AO DISALLOW SUCH PURCHASES ON HOLDING THAT IT WAS BUSINESS ASSET .....

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..... AND PURCHASE IN CASH WAS DISALLOWABLE?? PLZ GUIDE - Reply By Rama Krishana - The Reply = In tax laws it is well established that Substance is more relevant over form. As long as it is on record .....

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..... you have purchased the Land as capital asset, the event of conversion the same as Stock in trade later would not entitle the AO to disallow the same as Cash Purchase exceeding ₹ 20,000. - CONVE .....

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..... RSION OF CAPITAL ASSET INTO STOCK - Query Started By: - SARVESH BALDI Dated:- 9-1-2013 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal .....

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..... opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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