07 June 2011
IT IS UR TREATMENT IN THE BOOKS THAT CHANGES THE COLOUR OF THE ASSET IF U TREAT THE ASSET AS AN INVESTMENT ASSET IN THE BOOKS THEN THE ASSET WILL STAND CONVERTED TO INVESTMEWNT ASSET ON THE DATE OF TREATMENT THE TAX IMPACT IS NOT CLEAR AS OF NOW THERE ARE TWO DECISIONS IN THIS RESPECT PL SEE THEM 1.Asstt. CIT v. Jehangir T. Nagree (2008) 23 (II) ITCL 555 (Mum ‘C’-Trib) : (2008) 23 SOT 512 (Mum-Trib) 2.Asstt. CIT v. Bright Star Investment (P) Ltd. (2008) 24 (II) ITCL 302 (Mum ‘H’-Trib) : (2008) 24 SOT 288 (Mum-Trib) CA MANOJ GUPTA JODHPUR 09828510543
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