Conversion of Stock in Trade based on Development Agreement without consideration not accrues Income: ITAT [Read Order]

stock in Trade - development agreement - income - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that Conversion of stock in trade based on a development agreement without consideration does not accrue income. The appellant revenue challenged the order of C1T(A) deleting the addition of Rs. 12,27,36,985/- made by the Assessing Officer (AO). The assessee converted fixed assets to stock in…

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