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Conversion of Assets - Income tax Perspective

August 20, 2019[2019] 108 taxmann.com 155 (Article)
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Generally, in business a capital asset is converted into stock-in-trade and stock-in-trade into a capital asset or asset may itself cease to be stock-in-trade. It is apt. to recall the House of Lords ruling in Sharkey (Inspector of Taxes) v. Wernher [1956] 29 ITR 962 where a person who bred horses in his stud farm, the horses were his trading stock, but when he used them for racing, though it was his hobby
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