Treatment of capital asset

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....reatment of capital asset<br> Query (Issue) Started By: - DEV KUMAR KOTHARI Dated:- 3-1-2009 Last Reply Date:- 22-2-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>For brain storming: Does the A.O. ha....

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....s jurisdiction and power to treat a 'capital asset' as stock-in-trade? In my view -no. Every property is a capital asset, except some excluded items. Whether,an item is stock-in-trade or not will depe....

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....nd on the basis of items for which any person is known as trader or dealer, os long he continue as is dealer in such item. Pool of cars used to run on hire are capital asset, the same person may trade....

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.... in cars, cars kept for selling are only his stock-in-trade. In cases where a person is not a trader of any item say shares , units, his holding will be capital assets, unless he has treated or conver....

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....ted such assets into stock-in-trade. Reply By Rama Krishana: The Reply: The manner in which is treating the assets in books of account and use in the business is a question of fact. This issue is, i....

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....n my view, is purely a question of fact and no general rule can be framed.<br> Discussion Forum - Knowledge Sharing ....