Supreme Court Awards Rs. 6 Lakh to Man Acquitted After 6 Years, Faults UP Police Probe  ||  Supreme Court: High Courts Can Restore Power on 50% Deposit in Arbitrary Theft Assessments  ||  Supreme Court: Cooperative Society Cannot Deny RTI Records as Personal if Registrar Can Access Them  ||  SC: CoC Cannot Withdraw Approved Resolution Plan Over Improved Corporate Debtor Finances  ||  Delhi High Court: 24-Week Limit Alone Cannot Restrict Medical Termination of Pregnancy  ||  Allahabad High Court Rejects Challenge to 18% GST on Online Legal Database Services  ||  Madras High Court: FIR Registration Does Not Decide Guilt; Prior Hearing of Accused Not Required  ||  Kerala High Court Orders Speedy Prosecution Sanction Process in Sabarimala Gold Theft Case  ||  Allahabad HC: Missing RT-PCR Report Cannot Bar COVID-19 Compensation if Records Confirm Infection  ||  MP High Court Directs Indore Police to Deploy Volunteers for Reporting Noise Pollution Violations    

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962- (Press Information Bureau) (03 May 2018)

MANU/PIBU/0790/2018

Direct Taxation

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 ('the Act') so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been provided that for this purpose the fair market value of inventory on the date of conversion or treatment determined in prescribed manner shall be deemed to be the full value of consideration. Accordingly, rules are to be framed for providing the manner in which fair market value of the inventory shall be determined.

In view of the above, it is proposed to insert a new rule 11UAB in the Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory which has been converted into, or treated as, capital asset.

In order to have wider consultation in this matter, the draft of notification proposed to be issued for amending the Income-tax Rules, 1962 has been uploaded on www.incometaxindia.gov.in. Stakeholders are requested to submit their comments/ suggestions on the draft notification by 14.05.2018 at the e-mail address dirtpl2@nic.in.

Tags : DRAFT NOTIFICATION   NEW RULE   SUGGESTION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved