https://www.taxtmi.com/news?id=19995 A Finance Act amendment treats profit from conversion of inventory into, or treatment as, a capital asset as business income and deems the fair market value of the inventory on the date of conversion, determined in the prescribed manner, to be the full value of consideration; a new rule is proposed in the Income-tax Rules to prescribe the methodology for determining that fair market value, and the tax authority has published a draft notification for stakeholder consultation. en-us Fri, 04 May 2018 10:06:20 +0530 Fri, 04 May 2018 10:06:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19995 A Finance Act amendment treats profit from conversion of inventory into, or treatment as, a capital asset as business income and deems the fair market value of the inventory on the date of conversion, determined in the prescribed manner, to be the full value of consideration; a new rule is proposed in the Income-tax Rules to prescribe the methodology for determining that fair market value, and the tax authority has published a draft notification for stakeholder consultation. News - Fri, 04 May 2018 10:06:20 +0530 https://www.taxtmi.com/news?id=19995