https://www.taxtmi.com/caselaws?id=351193 Conversion of moulds from fixed assets to stock-in-trade requires capital-gains computation to distinguish the fair market value at conversion from subsequent sale proceeds. Where converted moulds are sold as stock-in-trade, export realisation cannot automatically be adopted as their conversion-date value for capital-gains purposes. Depreciation remains available on freshly acquired moulds retained within the relevant block of assets; conversion of earlier moulds does not make that block nil. Deductions for export profits and industrial undertakings operate independently, so an adjustment made in computing the former cannot merely be set off against profits eligible for the latter deduction. en-us Tue, 14 Nov 2017 00:00:00 +0530 Tue, 21 Nov 2017 09:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351193 Conversion of moulds from fixed assets to stock-in-trade requires capital-gains computation to distinguish the fair market value at conversion from subsequent sale proceeds. Where converted moulds are sold as stock-in-trade, export realisation cannot automatically be adopted as their conversion-date value for capital-gains purposes. Depreciation remains available on freshly acquired moulds retained within the relevant block of assets; conversion of earlier moulds does not make that block nil. Deductions for export profits and industrial undertakings operate independently, so an adjustment made in computing the former cannot merely be set off against profits eligible for the latter deduction. Case-Laws Income Tax Tue, 14 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351193