https://www.taxtmi.com/caselaws?id=63927 The Tribunal allowed the appeal, overturning the decisions of the CIT(A) and IAC(A). It directed acceptance of the commercial results declared by the assessee based on the market value of the converted property at the time of conversion. The Tribunal emphasized that statutory amendments effective from 1-4-1985 did not apply retrospectively to conversions completed before that date and already accepted by revenue authorities. en-us Thu, 01 Jun 1989 00:00:00 +0530 Wed, 02 Feb 2011 17:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63927 The Tribunal allowed the appeal, overturning the decisions of the CIT(A) and IAC(A). It directed acceptance of the commercial results declared by the assessee based on the market value of the converted property at the time of conversion. The Tribunal emphasized that statutory amendments effective from 1-4-1985 did not apply retrospectively to conversions completed before that date and already accepted by revenue authorities. Case-Laws Income Tax Thu, 01 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63927