[aaykarbhavan] No disallowance for cash payment for purchase of gold bars held as investment: ITAT

No disallowance for cash payment for purchase of gold bars held as investment: ITAT

February 21, 2015[2015] 54 taxmann.com 6 (Delhi - Trib.)

IT: Where assessee had shown purchase of gold as investment in balance sheet as well as in wealth-tax return and, further, purchases and sales were made at prevalent market price, loss incurred on sale of gold within a year was to be treated as short term capital loss

IT: Where assessee converted its capital asset into stock-in-trade, taxability of same is to be determined in year in which said converted stock-in-trade is sold

 

Regards

Prarthana Jalan

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

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