Mere change in ownership doesn’t convert a stock-in-trade into a capital asset

ITAT BANGALORE C. Ramaiah Reddy v/s.  DCIT IT Appeal No.122 (Bang.) of 2011 [Assessment year 2006-07] MAY 25, 2012 ORDER Jason P. Boaz, Accountant Member This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-III, Bangalore dated 26.11.2010 for the Assessment Year 2006-07. 2. The facts of the case, in brief, are as under : 2.1 The assessee, in the real estate business, filed his return of income for Assessment Year 2006-07 on 20.11.2006 declaring income of Rs. 1,37,71,300. The Assessing Officer noted from the profit and loss acc...