https://www.taxtmi.com/caselaws?id=169299 After conversion of land into stock-in-trade, capital gains were governed by section 45(2) and were taxable only when the converted stock-in-trade was sold or otherwise transferred, not merely on handing over possession under a development arrangement; the gain was therefore matched to the years of sale. The assessee's higher fair market value as on 1 April 1981 was accepted because it was supported by the valuation reference and no contrary material displaced it. Deduction under section 54F was allowed on the residential redevelopment facts. Estimated enhancement of built-up area sale value was rejected for want of evidence of higher receipt, and the claim of long-term capital loss on share sale was accepted on the strength of the books of account. en-us Fri, 24 Jul 2009 00:00:00 +0530 Sat, 30 Sep 2023 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169299 After conversion of land into stock-in-trade, capital gains were governed by section 45(2) and were taxable only when the converted stock-in-trade was sold or otherwise transferred, not merely on handing over possession under a development arrangement; the gain was therefore matched to the years of sale. The assessee's higher fair market value as on 1 April 1981 was accepted because it was supported by the valuation reference and no contrary material displaced it. Deduction under section 54F was allowed on the residential redevelopment facts. Estimated enhancement of built-up area sale value was rejected for want of evidence of higher receipt, and the claim of long-term capital loss on share sale was accepted on the strength of the books of account. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169299