https://www.taxtmi.com/caselaws?id=59562 The Tribunal upheld the CIT(A)'s decision to treat the profit from the sale of shares as long-term capital gains rather than business income. It agreed that Section 45(2) of the Income Tax Act, which deals with conversions from investment to stock-in-trade, was not applicable to the conversion from stock-in-trade to investment. The Tribunal favored the methodology that calculated gains as the difference between the sale price and the book value on the date of conversion, with indexation from that date. The Revenue's appeals were dismissed, confirming the CIT(A)'s order. en-us Wed, 02 Jul 2008 00:00:00 +0530 Fri, 01 Dec 2023 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59562 The Tribunal upheld the CIT(A)'s decision to treat the profit from the sale of shares as long-term capital gains rather than business income. It agreed that Section 45(2) of the Income Tax Act, which deals with conversions from investment to stock-in-trade, was not applicable to the conversion from stock-in-trade to investment. The Tribunal favored the methodology that calculated gains as the difference between the sale price and the book value on the date of conversion, with indexation from that date. The Revenue's appeals were dismissed, confirming the CIT(A)'s order. Case-Laws Income Tax Wed, 02 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59562