Once capital asset is converted into stock-in-trade provision of section 2(47) becomes irrelevant and does not apply

DECIDED BY: ITAT, BENCH `A’, CHENNAI, IN THE CASE OF: R.Gopinath (HUF) Vs. ACIT, APPEAL NO: ITA NOS. 29 & 30/Mds/2008, DECIDED ON JULY 24, 2009 RELEVANT PARAGRAPHS 8. We have considered the rival contentions and the relevant records as well as the decisions cited by both sides. In the case in hand, the capital asset was converted into stock-in-trade by the assessee and thereafter a development agreement entered into by the assessee with the developer, whereby the assessee provided his land measuring 44,000 sq.ft. to the developer for construction of residential apartments, the develo...