https://www.taxtmi.com/caselaws?id=786226 Conversion of land into stock in trade requires adoption of the fair market value (FMV) at the time of conversion for both capital gains under section 45(2) and for computing cost of acquisition when later taxed as business income. The Assessing Officer recalculated FMV for capital gains but did not apply that same FMV while computing income from business, creating a mistake apparent on record. The appellate authority corrected this by treating FMV as cost for business profit computation and deleted the addition; the appellate correction under appellate powers was sustained on appeal. en-us Fri, 06 Feb 2026 00:00:00 +0530 Mon, 09 Feb 2026 09:19:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786226 Conversion of land into stock in trade requires adoption of the fair market value (FMV) at the time of conversion for both capital gains under section 45(2) and for computing cost of acquisition when later taxed as business income. The Assessing Officer recalculated FMV for capital gains but did not apply that same FMV while computing income from business, creating a mistake apparent on record. The appellate authority corrected this by treating FMV as cost for business profit computation and deleted the addition; the appellate correction under appellate powers was sustained on appeal. Case-Laws Income Tax Fri, 06 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786226