https://www.taxtmi.com/caselaws?id=7220 Properties received on partition are capital in character at inception, but they may be treated as stock-in-trade if the surrounding facts and the assessee's conduct show an intention to use them as trading assets. Here, the Tribunal relied on the treatment of the properties in the business accounts, the crediting of sale proceeds to the money-lending account, and the use of the proceeds in that business. Those facts supported the inference that the properties had been converted into stock-in-trade, and the sale profit was therefore taxable as income. In reference jurisdiction, no misdirection in law was shown to justify reappreciation of the factual finding. en-us Mon, 05 Feb 1968 00:00:00 +0530 Mon, 16 Feb 2009 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7220 Properties received on partition are capital in character at inception, but they may be treated as stock-in-trade if the surrounding facts and the assessee's conduct show an intention to use them as trading assets. Here, the Tribunal relied on the treatment of the properties in the business accounts, the crediting of sale proceeds to the money-lending account, and the use of the proceeds in that business. Those facts supported the inference that the properties had been converted into stock-in-trade, and the sale profit was therefore taxable as income. In reference jurisdiction, no misdirection in law was shown to justify reappreciation of the factual finding. Case-Laws Income Tax Mon, 05 Feb 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7220