The  assessee sold non-agricultural land and claimed that said land was converted into stock-in-trade by entering into MoU with co-owners before its sale, since MoU was not notarized and also assessee had not submitted any accounting entry passed in books of account for such conversion on date of MoU and failure to obtain such audited books of account clearly proved that entire theory of conversion of agricultural land as stock-in-trade was baseless and afterthought and, therefore, Commissioner (Appeals) was justified in holding that non-agricultural land sold by assessee were capital asset. Tribunal also held that the  amendment in third proviso to section 50C would be applicable retrospectively.(AY. 2013-16)