Court Upholds Use of Notional Value and 10% Depreciation for Land Sale u/s 45(2) Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Conversion of asset into stock-in-trade - no error in applying Section 45(2) and by adopting a notional value for land as on 1.4.1974 for stamp duty for working out business income from the sale of land and applying the depreciated value by 10% of every year for the purposes of arriving at value in the year 1984 - HC....