Conversion of capital assets in to stock in trade- FMV need not be stamp duty valuation: Pune ITAT

FMV

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 INCOME TAX OFFICER vs. VILAS BABANRAO RUKARI (HUF)* ITAT, PUNE

Capital gains

– Computation
– Full value of consideration under s. 45(2)
┤Assessee having converted land held as capital asset into stock-in-trade, CIT(A) rightly directed the AO to take fair market value determined by valuation officer as the fair market value of asset on the date of conversion
-AO was wrong in adopting valuation as determined for stamp duty purposes.

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