Deduction U/s. 80IB(10) allowable if capital asset was converted into stock-in-trade, before entering into JDA

Shri. Raja Reddy (HUF) Vs ACIT (ITAT Bangalore) During the course of hearing, assessee has tried to demonstrate from the assets and liabilities statement as on 31.03.2007 and 31.03.2008 and the balance sheet for the impugned assessment years 2007-08 and 2008-09 to demonstrate that before entering into this JDA, the capital asset was converted into stock-in-trade and capital gain on its transfer was also offered at the time of sale of flats. She has also tried to demonstrate that at the time of JDA, the land which was part of the stock-in-trade was contributed under JDA for the construction of...