Computation of capital gain - conversion of Gold in stock in ...

February 26, 2024

Case Laws Income Tax AT

Computation of capital gain - conversion of Gold in stock in trade and income from other sources - assessee converted the gold into stock in trade on various dates and long term capital gain was paid on it - The ITAT held that, once the assessee has converted the capital asset into stock in trade, the revenue sum moto cannot changed the value adopted by the assessee on the ground that income under one head shown higher and on the other head less.

View Source

← Previous Next →

Computation of capital gain - conversion of Gold in stock in ...

February 26, 2024

Case Laws Income Tax AT

You may also like:

Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

Computation of profit - sale of asset after conversion from capital asset to stock-in-trade - Apply the provisions of Section 45(2) of the Act and compute the capital...

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.

Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

Conversion of land into Stock in Trade - The profit or gains arising from the transfer by way of such conversion thus was chargeable to tax as the income of the...

Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

Short term capital gain arising out on transfer of land - nothing illegal about the conversion of land by the assessee into stock -in-trade - no infirmity in the order...

Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

Addition u/s 45(2) - conversion of capital asset into stock in trade - The computation of capital account would be based on the consideration being fair market price as...

Method of computation of business income - sale of flat - conversion of land into stock-in-trade - assessee claimed that FMV on the date of conversion of land into...

Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

Quick Updates: