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Conversion from stock in trade to fixed asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2011 Can a company convert a land held as stock in trade since long into fixed asset, if yes, what is procedure and tax impact.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
07 June 2011 IT IS UR TREATMENT IN THE BOOKS THAT CHANGES THE COLOUR OF THE ASSET
IF U TREAT THE ASSET AS AN INVESTMENT ASSET IN THE BOOKS THEN THE ASSET WILL STAND CONVERTED TO INVESTMEWNT ASSET ON THE DATE OF TREATMENT
THE TAX IMPACT IS NOT CLEAR AS OF NOW
THERE ARE TWO DECISIONS IN THIS RESPECT PL SEE THEM
1.Asstt. CIT v. Jehangir T. Nagree (2008) 23 (II) ITCL 555 (Mum ‘C’-Trib) : (2008) 23 SOT 512 (Mum-Trib)
2.Asstt. CIT v. Bright Star Investment (P) Ltd. (2008) 24 (II) ITCL 302 (Mum ‘H’-Trib) : (2008) 24 SOT 288 (Mum-Trib)
CA MANOJ GUPTA
JODHPUR
09828510543
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