https://www.taxtmi.com/caselaws?id=344886 The Tribunal upheld the decision to treat the land as a capital asset up to the date of conversion into stock-in-trade, assessing the profit on sale under 'Profits and gains of business.' The application of Section 45(2) of the Income Tax Act directed the computation of capital gains up to the conversion date and treating the difference post-conversion as 'business income.' The Board's resolution altering the land's character was deemed invalid, and the demerger did not affect tax liability. The appeal against the Revenue was dismissed, and the Deputy Commissioner modified the assessee's total income in line with Section 45(2). en-us Tue, 18 Apr 2017 00:00:00 +0530 Fri, 30 Jun 2017 07:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344886 The Tribunal upheld the decision to treat the land as a capital asset up to the date of conversion into stock-in-trade, assessing the profit on sale under 'Profits and gains of business.' The application of Section 45(2) of the Income Tax Act directed the computation of capital gains up to the conversion date and treating the difference post-conversion as 'business income.' The Board's resolution altering the land's character was deemed invalid, and the demerger did not affect tax liability. The appeal against the Revenue was dismissed, and the Deputy Commissioner modified the assessee's total income in line with Section 45(2). Case-Laws Income Tax Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344886