https://www.taxtmi.com/caselaws?id=342608 The court upheld the Income Tax Appellate Tribunal's findings, supporting the conversion of investment into stock-in-trade by the Assessee. It was deemed justified based on valid reasons and amendments in the partnership deed, as reflected in the balance sheet and books of accounts. The court dismissed the Assessing Officer's concerns of tax evasion, noting the legitimate business reasons behind the conversion and subsequent sale of shares at a loss. The applicability of Section 45(2) was also clarified, with the court ruling in favor of the Assessee and against the Revenue, ultimately dismissing the appeal. en-us Wed, 29 Mar 2017 00:00:00 +0530 Mon, 08 May 2017 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342608 The court upheld the Income Tax Appellate Tribunal's findings, supporting the conversion of investment into stock-in-trade by the Assessee. It was deemed justified based on valid reasons and amendments in the partnership deed, as reflected in the balance sheet and books of accounts. The court dismissed the Assessing Officer's concerns of tax evasion, noting the legitimate business reasons behind the conversion and subsequent sale of shares at a loss. The applicability of Section 45(2) was also clarified, with the court ruling in favor of the Assessee and against the Revenue, ultimately dismissing the appeal. Case-Laws Income Tax Wed, 29 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342608