https://www.taxtmi.com/caselaws?id=128333 The Tribunal allowed the Department's appeals regarding the taxability of capital gains on the conversion of capital assets into stock-in-trade. It held that the capital gains tax liability arises in the year of the business profit from the sale of the stock-in-trade, rejecting arguments related to conveyance and possession. Additionally, the Tribunal directed that losses of Wembly Hotels be allowed to be carried forward, based on the legal principle that a firm has no separate legal existence from its partners. The assessee's cross objections were partly allowed for assessment years 1989-90 and 1990-91, and dismissed for assessment year 1991-92. en-us Mon, 28 Feb 2000 00:00:00 +0530 Tue, 02 Apr 2013 11:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128333 The Tribunal allowed the Department's appeals regarding the taxability of capital gains on the conversion of capital assets into stock-in-trade. It held that the capital gains tax liability arises in the year of the business profit from the sale of the stock-in-trade, rejecting arguments related to conveyance and possession. Additionally, the Tribunal directed that losses of Wembly Hotels be allowed to be carried forward, based on the legal principle that a firm has no separate legal existence from its partners. The assessee's cross objections were partly allowed for assessment years 1989-90 and 1990-91, and dismissed for assessment year 1991-92. Case-Laws Income Tax Mon, 28 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128333