https://www.taxtmi.com/caselaws?id=55444 The ITAT upheld the CIT(A)'s decision, ruling that no taxable capital gains arose from the conversion of land into stock-in-trade and its contribution as capital by the assessee. The conversion was deemed genuine based on evidence in books, affidavit, and partnership deed, supported by subsequent business activities of construction and sale of flats through the firm. The ITAT distinguished the case from Anasuyaben and dismissed the appeal, affirming that the conversion and contribution did not result in taxable capital gains. en-us Fri, 28 Feb 1986 00:00:00 +0530 Sat, 27 Nov 2010 10:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55444 The ITAT upheld the CIT(A)'s decision, ruling that no taxable capital gains arose from the conversion of land into stock-in-trade and its contribution as capital by the assessee. The conversion was deemed genuine based on evidence in books, affidavit, and partnership deed, supported by subsequent business activities of construction and sale of flats through the firm. The ITAT distinguished the case from Anasuyaben and dismissed the appeal, affirming that the conversion and contribution did not result in taxable capital gains. Case-Laws Income Tax Fri, 28 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55444