https://www.taxtmi.com/caselaws?id=11712 The High Court upheld the Tribunal's decision, ruling in favor of the Revenue and against the assessee. The court affirmed that the lands were not genuinely converted into stock-in-trade, as claimed by the assessee. Additionally, the court agreed with the Tribunal's rejection of the alternative claim regarding the computation of capital gains, stating that there was insufficient evidence to support the assertion that part of the sale consideration was used to discharge a mortgage debt. en-us Wed, 04 Dec 2002 00:00:00 +0530 Sat, 06 Feb 2010 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11712 The High Court upheld the Tribunal's decision, ruling in favor of the Revenue and against the assessee. The court affirmed that the lands were not genuinely converted into stock-in-trade, as claimed by the assessee. Additionally, the court agreed with the Tribunal's rejection of the alternative claim regarding the computation of capital gains, stating that there was insufficient evidence to support the assertion that part of the sale consideration was used to discharge a mortgage debt. Case-Laws Income Tax Wed, 04 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11712