https://www.taxtmi.com/caselaws?id=62971 The note explains that disclosure under a voluntary scheme does not prevent the tax authority from examining whether disclosed assets are capital assets or stock-in-trade, and the assessee retains the burden of proving their character. It further states that mere revaluation of self-held assets in the books does not create taxable income because income must accrue, be received, or be realised. It also distinguishes between genuine business stock and capital assets: a real sale of capital assets can produce long-term capital gains, while contribution of stock-in-trade to a firm does not attract capital gains provisions. Contribution of capital assets to a partnership may constitute a transfer, but taxability depends on the asset's true character and the correct previous year. en-us Thu, 13 May 1982 00:00:00 +0530 Sat, 20 Apr 2019 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62971 The note explains that disclosure under a voluntary scheme does not prevent the tax authority from examining whether disclosed assets are capital assets or stock-in-trade, and the assessee retains the burden of proving their character. It further states that mere revaluation of self-held assets in the books does not create taxable income because income must accrue, be received, or be realised. It also distinguishes between genuine business stock and capital assets: a real sale of capital assets can produce long-term capital gains, while contribution of stock-in-trade to a firm does not attract capital gains provisions. Contribution of capital assets to a partnership may constitute a transfer, but taxability depends on the asset's true character and the correct previous year. Case-Laws Income Tax Thu, 13 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62971