[aaykarbhavan] 'CII' had to be taken of the year in which capital asset was converted into stock-in-trade to compute capital gains

'CII' had to be taken of the year in which capital asset was converted into stock-in-trade to compute capital gains

November 18, 2014[2014] 50 taxmann.com 51 (Chennai - Trib.)/[2014] 30 ITR(T) 688 (Chennai - Trib.)

IT : To determine capital gains cost inflation index as stood in year of conversion of asset into stock-in-trade has to be applied and not cost inflation index as stood in year of sale taxation

IT : Unabsorbed depreciation of earlier years was available for carry forward and set off against profits and gains of subsequent years without any limit

 

Regards

Prarthana Jalan

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

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