https://www.taxtmi.com/caselaws?id=218698 Sale proceeds from shares and units were treated as business income because an earlier coordinate bench decision in the assessee's own case had already upheld the Revenue's view that the transactions amounted to business activity, and no contrary binding order existed for the year under appeal. Section 45(2) relief was also examined in relation to deemed conversion of investments into stock-in-trade. The Tribunal held that the statutory benefit could not be denied merely because the assessee had not itself recorded the conversion in its books when the conversion was treated as having been brought about by the tax authorities, and the fair market value had to be taken as on 1.4.2005 for computation. Limited recomputation was directed on that basis. en-us Fri, 27 Jul 2012 00:00:00 +0530 Fri, 16 Nov 2012 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218698 Sale proceeds from shares and units were treated as business income because an earlier coordinate bench decision in the assessee's own case had already upheld the Revenue's view that the transactions amounted to business activity, and no contrary binding order existed for the year under appeal. Section 45(2) relief was also examined in relation to deemed conversion of investments into stock-in-trade. The Tribunal held that the statutory benefit could not be denied merely because the assessee had not itself recorded the conversion in its books when the conversion was treated as having been brought about by the tax authorities, and the fair market value had to be taken as on 1.4.2005 for computation. Limited recomputation was directed on that basis. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218698