https://www.taxtmi.com/caselaws?id=6680 A capital asset received on partial partition may later be treated as stock-in-trade if the assessee's own conduct and accounts show trading treatment, including mixed gold dealings and related account entries; on that basis, the profit on sale is assessable as business income. For computation, however, the opening value for the converted asset is ordinarily its market value on the date of receipt or conversion, unless the assessee consciously adopted a different binding valuation. An inadvertent or automatic carry-forward of family valuation does not prevent use of the correct market-value basis. en-us Tue, 07 Dec 1965 00:00:00 +0530 Sun, 01 Feb 2009 05:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6680 A capital asset received on partial partition may later be treated as stock-in-trade if the assessee's own conduct and accounts show trading treatment, including mixed gold dealings and related account entries; on that basis, the profit on sale is assessable as business income. For computation, however, the opening value for the converted asset is ordinarily its market value on the date of receipt or conversion, unless the assessee consciously adopted a different binding valuation. An inadvertent or automatic carry-forward of family valuation does not prevent use of the correct market-value basis. Case-Laws Income Tax Tue, 07 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6680