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Archive: 02 June 2000

Posts in 02 June 2000

Circular No. 791/2000-Income Tax Dated 2-6-2000

June 2, 2000 1663 Views 0 comment Print

Circular No. 791-Income Tax Section 2(47 ) of the Income-tax Act provides that any conver­sion of capital assets into stock-in-trade shall be regarded as a transfer. This transfer arises in the year in which such conver­sion takes place and, accordingly, capital gain would normally arise in that very year. However, section 45(2) of the Act post­pones the assessment

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