https://www.taxtmi.com/caselaws?id=181246 The High Court ruled in favor of the revenue and against the assessee in a case involving the transfer of an asset and the assessment of capital gains. The Court held that the conversion of the property into stock-in-trade did not constitute a transfer for capital gains tax purposes. However, the Court found that there was indeed a transfer of property from the assessee to the Builder based on the agreement terms, leading to the assessment of capital gains in the hands of the assessee. The Court affirmed the computation of capital gains tax by the tax authorities, ultimately disposing of the reference. en-us Mon, 24 Sep 2007 00:00:00 +0530 Mon, 11 Apr 2016 17:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181246 The High Court ruled in favor of the revenue and against the assessee in a case involving the transfer of an asset and the assessment of capital gains. The Court held that the conversion of the property into stock-in-trade did not constitute a transfer for capital gains tax purposes. However, the Court found that there was indeed a transfer of property from the assessee to the Builder based on the agreement terms, leading to the assessment of capital gains in the hands of the assessee. The Court affirmed the computation of capital gains tax by the tax authorities, ultimately disposing of the reference. Case-Laws Income Tax Mon, 24 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181246