[aaykarbhavan] Conversion of industrial land into residential plots isn’t akin to conversion of cap assets into stock-in-trade

 

Conversion of industrial land into residential plots isn't akin to conversion of cap assets into stock-in-trade

July 3, 2014[2014] 46 taxmann.com 32 (Allahabad)

IT : Where assessee, a sick unit, having obtained permission from State Government, converted its industrial land into residential plots and sold a part of it during relevant year, it was not a case where land in question had been transferred after converting it into stock-in-trade of business and, therefore, provisions of section 45(2) did not apply to assessee's case

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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