Once capital asset is converted into stock-in-trade provision of section 2(47) becomes irrelevant and does not apply

DECIDED BY: ITAT, BENCH `A’, CHENNAI, IN THE CASE OF: R.Gopinath (HUF) Vs. ACIT, APPEAL NO: ITA NOS. 29 & 30/Mds/2008, DECIDED ON JULY 24, 2009

RELEVANT PARAGRAPHS

8. We have considered the rival contentions and the relevant records as well as the decisions cited by both sides. In the case in hand, the capital asset was converted into stock-in-trade

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