ROBBI SRINIVASA RAO.,VISAKHAPATNAM vs. THE PR,. CIT,-1,, VISAKHAPATNAM
In the result, appeal filed by the assessee is dismissed
ITA 284/VIZ/2017[2102-2013]Status: DisposedITAT Visakhapatnam10 Aug 2018AY 2102-2013
Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blerobbi Srinivasa Rao, Vs. Pr.Cit-1, D.No. 49-50-7/10, Srinivasa Visakhapatnam. Towers, Akkayyapalem, Visakhapatnam. Pan No. Adspr 1884 N (Appellant) (Respondent)
For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri Deba Kumar Sonawal, CIT DR
Section 143(3)Section 263Section 40A(3)
gain on alleged conversion of capital asset into stock-in-trade during the year, even if it is nil, is not reported in the relevant schedule of ITR (Schedule-CG of ITR).
Therefore, the claim of the assessee that the property was initially acquired as a capital asset is only an afterthought to escape the rigors of section
