SANNIDHI SRI RAMACHANDRA MURTHY (HUF),RAJAHMUNDRY vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, RAJAHMUNDRY

In the result, appeal of the assessee is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A. No. 230/Viz/2024 (निर्धारण वर्ा/ Assessment Year: 2013-14) Sannidhi Sriramachandra Murthy (Huf) V. The Assistant Commissioner Of D.No. 42-10-30/31 Income Tax, Circle-1 Income Tax Office, Aayakar Bhavan Sree Ramachandra Murthy Nilayam Veerabhadrapuram Mangalavarapu Peta Rajahmundry-533105 Rajahmundry – 533101 Andhra Pradesh Andhra Pradesh [Pan: Aaxhs4350L] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) करदाता का प्रतततितित्व / Assessee Represented By : Shri Gvn Hari, Ar राजस्व का प्रतततितित्व / Department Represented By : Dr. Satyasaai Rath, Cit(Dr)

54B and 54F of the Act could not be denied. In response, assessee vide reply dated 12.03.2024 submitted that the capital gains on the conversion of the capital asset into stock-in-trade was realised during the assessment year 2013-14. As per the provisions of section