Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Fair market value of inventory is fixed category-wise on conversion to a capital asset, based on stamp duty, prescribed valuation, or open market price. Fair market value of inventory converted into or treated as a capital asset is determined category-wise on the conversion date. Immovable property is valued at the stamp duty value adopted, assessed or assessable by the relevant authority. Jewellery, archaeological collections, drawings, paintings, sculptures, works of art, shares or securities covered by rule 11UA are valued under that rule, using the conversion date as the valuation date. Other property is valued at the price it would ordinarily fetch on sale in the open market.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fair market value of inventory is fixed category-wise on conversion to a capital asset, based on stamp duty, prescribed valuation, or open market price.
Fair market value of inventory converted into or treated as a capital asset is determined category-wise on the conversion date. Immovable property is valued at the stamp duty value adopted, assessed or assessable by the relevant authority. Jewellery, archaeological collections, drawings, paintings, sculptures, works of art, shares or securities covered by rule 11UA are valued under that rule, using the conversion date as the valuation date. Other property is valued at the price it would ordinarily fetch on sale in the open market.
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