Court Upholds Use of Notional Value and 10% Depreciation for Land Sale u/s 45(2) Income Tax Act.

Court Upholds Use of Notional Value and 10% Depreciation for Land Sale u/s 45(2) Income Tax Act. https://www.taxtmi.com/highlights?id=5785 Conversion of asset into stock-in-trade - no error in applying Section 45(2) and by adopting a notional value for land as on 1.4.1974 for stamp duty for working out business income from the sale of land and applying the depreciated value by 10% of every year for the purposes of arriving at value in the year 1984 - HC en-us Sat, 13 Oct 2012 13:16:30 +0530 Sat, 13 Oct 2012 13:16:30 +0530 TaxTMI RSS Generator Court Upholds Use of Notional Value and 10% Depreciation for Land Sale u/s 45(2) Income Tax Act. https://www.taxtmi.com/highlights?id=5785 Conversion of asset into stock-in-trade - no error in applying Section 45(2) and by adopting a notional value for land as on 1.4.1974 for stamp duty for working out business income from the sale of land and applying the depreciated value by 10% of every year for the purposes of arriving at value in the year 1984 - HC Highlights Income Tax Sat, 13 Oct 2012 13:16:30 +0530 https://www.taxtmi.com/highlights?id=5785