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Case Law Details

Case Name : ACIT Vs M/s. Superior Financial Consultancy Services (ITAT Mumbai)
Related Assessment Year : 2004-05
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Briefly stated, the assessee, a private limited company, engaged in the business of borrowing and lending funds reflected stock-in-trade of Rs.8,30,95,223.15 in its P&L account as on 31.03.2002 and converted its stock-in­ trade of shares to investment with effect from 1.4.2002. Accordingly, the assessee reflected its stock of shares in its balance sheet as ‘investment’ as on 31.03.2003. During the year under consideration (A.Y 2004-05) the assessee sold shares out of the shares converted into investment and has claimed long term capital g

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