CBDT : Releases draft rules for FMV computation upon conversion of inventory into capital-asset

May 04,2018

CBDT releases draft rule 11UAB prescribing the manner of determination of fair market value (FMV) of the inventory which has been converted into, or treated as, capital asset; Finance Act, 2018 inserted clause (via) to Sec 28 so as to provide that any income from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income by applying the FMV; CBDT invites stakeholders' comments on the draft rules by May 1...

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