https://www.taxtmi.com/caselaws?id=19370 The High Court held that the assessee had converted the land into stock-in-trade based on actions taken after the land purchase, such as seeking permission to sell, obtaining approvals, passing resolutions, and adjusting book entries. The court found this conversion justified and ruled in favor of the assessee, stating that the Tribunal's decision was valid. Consequently, the second question regarding the market value of the asset was deemed academic, and no costs were awarded. en-us Mon, 05 Dec 1994 00:00:00 +0530 Thu, 05 Nov 2009 16:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19370 The High Court held that the assessee had converted the land into stock-in-trade based on actions taken after the land purchase, such as seeking permission to sell, obtaining approvals, passing resolutions, and adjusting book entries. The court found this conversion justified and ruled in favor of the assessee, stating that the Tribunal's decision was valid. Consequently, the second question regarding the market value of the asset was deemed academic, and no costs were awarded. Case-Laws Income Tax Mon, 05 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19370