https://www.taxtmi.com/caselaws?id=466148 Section 56(2)(x) applicability to transactions recorded as stock-in-trade is examined: because the acquisition was entered in books as stock-in-trade in the assessment year corresponding to 1977-78, the deeming provision introduced w.e.f. 01.10.2009 does not apply retroactively; therefore the deeming charge cannot be invoked now and no addition arises. The analysis distinguishes transactions of purchase recorded as stock-in-trade from later registration formalities, treating non-application of the deemed income provision as determinative of taxability, resulting in rejection of the revenue addition. en-us Mon, 28 Oct 2024 00:00:00 +0530 Tue, 27 Jan 2026 19:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466148 Section 56(2)(x) applicability to transactions recorded as stock-in-trade is examined: because the acquisition was entered in books as stock-in-trade in the assessment year corresponding to 1977-78, the deeming provision introduced w.e.f. 01.10.2009 does not apply retroactively; therefore the deeming charge cannot be invoked now and no addition arises. The analysis distinguishes transactions of purchase recorded as stock-in-trade from later registration formalities, treating non-application of the deemed income provision as determinative of taxability, resulting in rejection of the revenue addition. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466148