https://www.taxtmi.com/caselaws?id=469732 On conversion of agricultural land into stock-in-trade, the relevant market value at the date of conversion must be taken for capital gains computation, with indexed cost of acquisition deducted, while the profit on eventual sale of the converted stock-in-trade is assessable separately as business income based on the difference between sale price and conversion value. The Tribunal noted that the first appellate authority's findings supported recomputation on this basis and that a simultaneous dismissal of the appeal was inconsistent with those findings. The appeal was allowed and the assessee succeeded. en-us Fri, 07 Mar 2025 00:00:00 +0530 Wed, 01 Jul 2026 20:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469732 On conversion of agricultural land into stock-in-trade, the relevant market value at the date of conversion must be taken for capital gains computation, with indexed cost of acquisition deducted, while the profit on eventual sale of the converted stock-in-trade is assessable separately as business income based on the difference between sale price and conversion value. The Tribunal noted that the first appellate authority's findings supported recomputation on this basis and that a simultaneous dismissal of the appeal was inconsistent with those findings. The appeal was allowed and the assessee succeeded. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469732