If at all the A.O wanted to adopt the cost of the asset as ...

Case Laws Income Tax

November 14, 2018

If at all the A.O wanted to adopt the cost of the asset as recorded in the books of the previous owner, he could have done so when computing the capital gains for the assessment year 2010-11 when the asset was converted from investment to stock-in-trade. The A.O having missed the bus for assessment year 2010-11 cannot make the said adjustment during the impugned assessment years.

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If at all the A.O wanted to adopt the cost of the asset as ...

Case Laws Income Tax

November 14, 2018

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