https://www.taxtmi.com/caselaws?id=353394 Conversion of an industrial land from capital asset to stock-in-trade under section 45(2) requires a positive act by the owner; mere steps such as a change-of-land-use application or preparations for sale are insufficient. On the facts, the land was treated as converted only in financial year 2006-07, not 2002-03. For valuation as on 01.04.1981, the lower rate was rejected, a base circle rate was accepted, but the matter was sent back for fresh determination after giving effect to the portion of land that had to remain unsaleable or be transferred for common amenities. en-us Tue, 06 Jun 2017 00:00:00 +0530 Wed, 03 Jan 2018 07:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353394 Conversion of an industrial land from capital asset to stock-in-trade under section 45(2) requires a positive act by the owner; mere steps such as a change-of-land-use application or preparations for sale are insufficient. On the facts, the land was treated as converted only in financial year 2006-07, not 2002-03. For valuation as on 01.04.1981, the lower rate was rejected, a base circle rate was accepted, but the matter was sent back for fresh determination after giving effect to the portion of land that had to remain unsaleable or be transferred for common amenities. Case-Laws Income Tax Tue, 06 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353394