https://www.taxtmi.com/caselaws?id=396465 The High Court upheld the tribunal's decision that the properties received by the assessee in a partial partition of Hindu Undivided Family were stock in trade and not capital assets. Therefore, the provisions of Section 45(2) and 49(1) of the Income Tax Act, relating to long-term capital gains and cost determination, were not applicable. The court dismissed the revenue's appeal, emphasizing that the properties' character as stock in trade remained unchanged post-partition, leading to the rejection of capital gains treatment. en-us Thu, 25 Jun 2020 00:00:00 +0530 Sun, 05 Jul 2020 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396465 The High Court upheld the tribunal's decision that the properties received by the assessee in a partial partition of Hindu Undivided Family were stock in trade and not capital assets. Therefore, the provisions of Section 45(2) and 49(1) of the Income Tax Act, relating to long-term capital gains and cost determination, were not applicable. The court dismissed the revenue's appeal, emphasizing that the properties' character as stock in trade remained unchanged post-partition, leading to the rejection of capital gains treatment. Case-Laws Income Tax Thu, 25 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396465