https://www.taxtmi.com/caselaws?id=55882 The Tribunal concluded that the land transferred by the assessee to the partnership firm was held as stock-in-trade, not as a capital asset. Therefore, the provisions of Section 2(47) of the Income Tax Act were not applicable, and no capital gains tax liability arose from the transaction. The appeal was partly allowed, directing the Income Tax Officer to adjust the assessment accordingly. en-us Wed, 05 Feb 1986 00:00:00 +0530 Tue, 30 Nov 2010 15:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55882 The Tribunal concluded that the land transferred by the assessee to the partnership firm was held as stock-in-trade, not as a capital asset. Therefore, the provisions of Section 2(47) of the Income Tax Act were not applicable, and no capital gains tax liability arose from the transaction. The appeal was partly allowed, directing the Income Tax Officer to adjust the assessment accordingly. Case-Laws Income Tax Wed, 05 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55882