HC slams revenue for doubting valid conversion of stock-in-trade into capital asset to deny sec. 10(

IT : Where assessee claimed exemption under section10(38) in respect of gain arising from sale of shares, in view of fact that shares in question were sold nearly two years after date of conversion of shares from stock in trade to capital assets, Assessing Officer could not reject assessee's claim by holding that aforesaid conversion was improper as it was carried out to avail of benefit of introduction of section 10(38) by Finance Act, 2004 with effect from 1-4-2005