Law not bars re-conversion of business assets into capital asset and vice versa

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat)

n the present case, the assessee has converted his stock-in trade in to capital asset and sold out the said asset after its conversion, the gains arising therefrom is therefore, required to be taxed as long-term capital gain and not as business income as held by the AO. Since the assessee has re-converted the stock-in tra

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