https://www.taxtmi.com/caselaws?id=57997 The Tribunal upheld the capital gains assessment in a case where the conversion of shares into stock-in-trade was treated as a sale to a limited company, despite the assessee's argument that no profit was realized. The Tribunal found that the conversion did not establish a business activity qualifying as stock-in-trade. Additionally, it determined that the capital gains were taxable during the assessment year, as the transfer of shares was considered valid even though the formal registration occurred later. The Tribunal rejected the argument that transferring shares to a private limited company did not constitute a valid transfer, citing legal precedents. en-us Mon, 13 Aug 1990 00:00:00 +0530 Wed, 15 Dec 2010 17:28:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57997 The Tribunal upheld the capital gains assessment in a case where the conversion of shares into stock-in-trade was treated as a sale to a limited company, despite the assessee's argument that no profit was realized. The Tribunal found that the conversion did not establish a business activity qualifying as stock-in-trade. Additionally, it determined that the capital gains were taxable during the assessment year, as the transfer of shares was considered valid even though the formal registration occurred later. The Tribunal rejected the argument that transferring shares to a private limited company did not constitute a valid transfer, citing legal precedents. Case-Laws Income Tax Mon, 13 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57997