ITAT rejects claim of land conversion into stock as assessee not filed any evidence to substantiate his claim

Babusha Haribhau Gade Vs ITO (ITAT Pune) Another issue for consideration is whether the appellant has converted the land into stock-in-trade as claimed. It is a fact that this issue was not raised before the AO. Therefore, the AO had no opportunity to verify the assessee’s said claim. This Bench made a specific query to the Authorized Representative(AR) of the assessee to demonstrate assessee’s claim of conversion of land into stock-in-trade by showing the entries in the relevant books of accounts. The AR admitted that no books of accounts have been maintained as the assessee is not aware ...