https://www.taxtmi.com/highlights?id=55781 Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection (2) of Section 45, sub-section (3) of section 45 and sub-section (14) of section 2 of the Income Tax Act 1961 and taking into account the facts of the assessee`s case, we hold that Land (asset) held as stock-in-trade in the partnership firm is not a capital asset and would not attract the provisions of section 45(3) - AT en-us Mon, 07 Dec 2020 10:24:18 +0530 Mon, 07 Dec 2020 10:24:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55781 Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection (2) of Section 45, sub-section (3) of section 45 and sub-section (14) of section 2 of the Income Tax Act 1961 and taking into account the facts of the assessee`s case, we hold that Land (asset) held as stock-in-trade in the partnership firm is not a capital asset and would not attract the provisions of section 45(3) - AT Highlights Income Tax Mon, 07 Dec 2020 10:24:18 +0530 https://www.taxtmi.com/highlights?id=55781