https://www.taxtmi.com/caselaws?id=227248 Reassessment proceedings were held to be vitiated where notice under section 143(2) was not issued, so the reassessment for assessment year 2003-04 was cancelled. The Tribunal also treated the Sanpada land as validly converted from a capital asset into stock in trade under section 45(2), relying on development steps, approvals and a notarial declaration. It further held that the resulting capital gains became taxable in assessment year 2005-06, when the converted stock was sold and consideration was received. For computation, the land's market value on allotment was taken as the cost of acquisition, and the fair market value on conversion was accepted as the full value of consideration. en-us Fri, 22 Jun 2012 00:00:00 +0530 Tue, 23 Apr 2013 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=227248 Reassessment proceedings were held to be vitiated where notice under section 143(2) was not issued, so the reassessment for assessment year 2003-04 was cancelled. The Tribunal also treated the Sanpada land as validly converted from a capital asset into stock in trade under section 45(2), relying on development steps, approvals and a notarial declaration. It further held that the resulting capital gains became taxable in assessment year 2005-06, when the converted stock was sold and consideration was received. For computation, the land's market value on allotment was taken as the cost of acquisition, and the fair market value on conversion was accepted as the full value of consideration. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=227248