https://www.taxtmi.com/caselaws?id=392574 The Income Tax Appellate Tribunal directed the Assessing Officer to re-compute profits based on the net realizable value of shares or the conversion cost, whichever is lower, for the appellant who converted shares into stock-in-trade. The Tribunal's decision aligned with the Supreme Court's precedent, emphasizing the deduction of market value at the time of conversion from sale proceeds to determine taxable profit. The Assessing Officer's valuation of the closing stock in compliance with this direction led to the dismissal of subsequent appeals by the appellant, ultimately resulting in the appeal being disposed of in favor of the assessee. en-us Mon, 20 Jan 2020 00:00:00 +0530 Wed, 26 Feb 2020 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392574 The Income Tax Appellate Tribunal directed the Assessing Officer to re-compute profits based on the net realizable value of shares or the conversion cost, whichever is lower, for the appellant who converted shares into stock-in-trade. The Tribunal's decision aligned with the Supreme Court's precedent, emphasizing the deduction of market value at the time of conversion from sale proceeds to determine taxable profit. The Assessing Officer's valuation of the closing stock in compliance with this direction led to the dismissal of subsequent appeals by the appellant, ultimately resulting in the appeal being disposed of in favor of the assessee. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392574