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Case Law Details

Case Name : ITO Vs M/s. Nupur Carpets Pvt. Ltd. (ITAT Kolkata)
Related Assessment Year : 2005-06
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Brief of the Case

In the case ITO Vs. M/s. Nupur Carpets Pvt. Ltd. the Hon’ble Kolkata ITAT held by converting the stock-n-trade into investment, it does not alter the character, nature and intention of that particular transaction especially in the context of capital gain versus business income. By bringing in stock-in-trade under the head investment the assessee could reduce the tax incidence considerably. The activity of ‘trading in shares’ carried out separately in the AY 2004-05 and again brou

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0 Comments

  1. vswami says:

    Random:
    On a quick reading, one gets the first impression that , having regard to the facts of the case, the implications of sec 45 (2) which deals with a reverse case of capital asset converted into stock -in –trade come to mind ; also, of a similar but not-directly related provisions of sec 43 C.
    For understanding the view the ITAT has taken, independently, and its appreciation in proper light, -if were interested in venturing an academic study,- the discussion of certain related propositions in the article – SHARES / STOCKS – CAPITAL ASSET OR STOCK-IN-TRADE, – A Fresh Look (2006) 153 TAXMANN 126 should serve as a testing board.

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