https://www.taxtmi.com/caselaws?id=342562 The Allahabad High Court dismissed all appeals, upholding the conversion of shares into stock in trade and subsequent sale by the Assessees as genuine. The Assessing Officer's questioning of the transaction's bonafides was rejected, and the application of Section 45(2) led to the deletion of additions made by the Assessing Officer. The Court's interpretation of Section 2(47)(iv) and Section 45(1) favored the Assessees, emphasizing the importance of correctly applying the Income Tax Act provisions in such transactions. en-us Wed, 29 Mar 2017 00:00:00 +0530 Mon, 08 May 2017 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342562 The Allahabad High Court dismissed all appeals, upholding the conversion of shares into stock in trade and subsequent sale by the Assessees as genuine. The Assessing Officer's questioning of the transaction's bonafides was rejected, and the application of Section 45(2) led to the deletion of additions made by the Assessing Officer. The Court's interpretation of Section 2(47)(iv) and Section 45(1) favored the Assessees, emphasizing the importance of correctly applying the Income Tax Act provisions in such transactions. Case-Laws Income Tax Wed, 29 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342562