{"id":1411,"date":"2018-06-22T16:38:15","date_gmt":"2018-06-22T16:38:15","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-essorpe-mills-ltd-2018-404-itr-323-mad-hc\/"},"modified":"2018-06-22T16:38:15","modified_gmt":"2018-06-22T16:38:15","slug":"cit-v-essorpe-mills-ltd-2018-404-itr-323-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-essorpe-mills-ltd-2018-404-itr-323-mad-hc\/","title":{"rendered":"CIT  v. Essorpe Mills Ltd. (2018) 404 ITR 323 (Mad) (HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that when\u00a0 a capital asset is converted in to stock in trade, capital gains to be computed on sale up to date of conversion of Land into stock- in-trade and profit on sale of stock in trade to be assessed as business income or loss. Capital gains to be set off against business loss.( AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 45(2) : Capital gains &#8211; Conversion of a capital asset in to stock-in-trade -Capital gains to be computed on sale up to date of conversion of Land into stock- in-trade and profit on sale of stock in trade to be assessed as business income or loss. Capital gains to be set off against business loss [ S.28(i) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1411","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-mL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1411"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1411\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}