TAX AUDIT
TAX AUDIT
TAX AUDIT
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Clause 12A<br />
Give particulars of the capital asset converted into<br />
stock-in-trade:-<br />
Profits or gains arising on conversion of a capital asset into, stockin-trade<br />
are chargeable to tax as capital gains.<br />
Verify the resolution passed by the Directors, in case the assessee<br />
it is a company, or any other supporting document and the<br />
accounting entry passed in books to reflect the asset into stock,<br />
instead of as a fixed asset.<br />
Verify the valuation report/any other supporting document based<br />
on which the conversion is recorded in the books of accounts.<br />
KALYANIWALLA & MISTRY
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