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Mere change in ownership doesn’t convert a stock-in-trade into a capital asset
Case Law Details
- Case Name
- C. Ramaiah Reddy Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Bangalore
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ITAT BANGALORE
C. Ramaiah Reddy v/s. DCIT
IT Appeal No.122 (Bang.) of 2011
[Assessment year 2006-07]
MAY 25, 2012
ORDER
Jason P. Boaz, Accountant Member
This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-III, Bangalore dated 26.11.2010 for the Assessment Year 2006-07.
2. The facts of the case, in brief, are as under :
2.1 The assessee, in the real estate business, filed his return of income for Assessment Year 2006-07 on 20.11.2006 declaring income of Rs. 1,37,71,300. The Assessing Officer noted from the profit and loss account filed along ...
