1998 (9) TMI 20

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.... of the Revenue and relate to the assessment years 1974-75 and 1977-78. The question referred are : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee's computation of business profits on the sale of lands at Nawab Gardens was proper ? 2. Whether the Tribunal's view that for finding out the business profit for the sale of land....

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....sideration paid by it in the year 1968 as its cost of acquisition or whether as claimed by the assessee the cost of acquisition should be computed with reference to July 6, 1972, on which date the company decided to treat this investment as its stock-in-trade by developing the land into plots and selling the sites so formed in the lay out. The Tribunal, as a question of fact, held that the deve....

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....pany decided to treat the same as its stock-in-trade, developed the same and after effecting such development, the land was sold in small parcels on a profit. The tribunal has also observed in its order that lands as in the year 1972 could be held either as an investment or stock-in-trade and that the assessee had held it as investment till July 6, 1972, and it is only thereafter that it bid treat....

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.... shares at a profit, the assessee's taxable profit on the sale of the shares was the difference between the sale price of the shares and the market price of the shares prevailing on the date when the shares were converted into stock-in-trade of the business in shares, and not the difference between the sale price and the price at which the shares were originally purchased by the assessee. What ....