https://www.taxtmi.com/caselaws?id=59262 The Tribunal concluded that the land was converted into stock-in-trade on 1st October 1973, limited to the initial 25,000 sq. ft. area. The computation of income from the sale of the converted stock-in-trade should follow the market value on the date of conversion, as upheld by the AAC. Both the appeals by the revenue and the assessee were dismissed, confirming the AAC's order and the profit computation of Rs. 48,020. en-us Tue, 03 Nov 1981 00:00:00 +0530 Mon, 27 Dec 2010 15:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59262 The Tribunal concluded that the land was converted into stock-in-trade on 1st October 1973, limited to the initial 25,000 sq. ft. area. The computation of income from the sale of the converted stock-in-trade should follow the market value on the date of conversion, as upheld by the AAC. Both the appeals by the revenue and the assessee were dismissed, confirming the AAC's order and the profit computation of Rs. 48,020. Case-Laws Income Tax Tue, 03 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59262