https://www.taxtmi.com/caselaws?id=213736 The Tribunal allowed the appeal, canceling the assessment of LTCG under section 45(2) as there was insufficient evidence to prove that the assets received on partition were capital assets converted into stock-in-trade. It was determined that the assets were stock-in-trade, rendering sections 45(2) and 49(1) inapplicable. The assessee's use of partition value for computing business income was deemed justified. The Tribunal upheld the charging of interest under section 234B but directed a recalculation in line with its decision. en-us Fri, 25 May 2012 00:00:00 +0530 Mon, 18 Apr 2016 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213736 The Tribunal allowed the appeal, canceling the assessment of LTCG under section 45(2) as there was insufficient evidence to prove that the assets received on partition were capital assets converted into stock-in-trade. It was determined that the assets were stock-in-trade, rendering sections 45(2) and 49(1) inapplicable. The assessee's use of partition value for computing business income was deemed justified. The Tribunal upheld the charging of interest under section 234B but directed a recalculation in line with its decision. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213736