https://www.taxtmi.com/caselaws?id=15271 The Tribunal ruled in favor of the assessee in a case concerning the computation of business profits on the sale of lands. It was determined that the land was treated as stock-in-trade only after 1972, and the valuation method should be based on the market value at the time of conversion, not the original purchase price. The Tribunal held that the cost of acquisition should be the market rate at the time of conversion in 1972. The Income-tax Officer's computation of profit was deemed incorrect, and all questions were decided in favor of the assessee against the Revenue. en-us Mon, 07 Sep 1998 00:00:00 +0530 Tue, 04 Aug 2009 13:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15271 The Tribunal ruled in favor of the assessee in a case concerning the computation of business profits on the sale of lands. It was determined that the land was treated as stock-in-trade only after 1972, and the valuation method should be based on the market value at the time of conversion, not the original purchase price. The Tribunal held that the cost of acquisition should be the market rate at the time of conversion in 1972. The Income-tax Officer's computation of profit was deemed incorrect, and all questions were decided in favor of the assessee against the Revenue. Case-Laws Income Tax Mon, 07 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15271