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 trade in to capital asset as on 01.04.2010, we find that the there is no bar in law for re-conversion of business assets into capital asset and vice versa. No judicial pronouncement has been cited before us to controvert this vi...