https://www.taxtmi.com/caselaws?id=37498 Stock-in-trade distributed on dissolution of a partnership remains trading stock if later sold in the ordinary course of business. The decisive test is whether the assessee is merely realising an investment or carrying on a trading operation for profit. Where perishable goods held for resale are repeatedly sold after dissolution, the surplus is business income and not capital gains. Authorities concerning land or real property are distinguishable because they involve capital realisation on different facts. en-us Thu, 08 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 11:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37498 Stock-in-trade distributed on dissolution of a partnership remains trading stock if later sold in the ordinary course of business. The decisive test is whether the assessee is merely realising an investment or carrying on a trading operation for profit. Where perishable goods held for resale are repeatedly sold after dissolution, the surplus is business income and not capital gains. Authorities concerning land or real property are distinguishable because they involve capital realisation on different facts. Case-Laws Income Tax Thu, 08 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37498