Sec. 45 of the Income-tax Act, 1961 – Capital gain – The Supreme Court in Groz-Beckert Saboo Ltd., held that where an assessee converts his capital assets into stock-in-trade and starts dealing with them, the taxable profit on the sale must be determined by deducting on sale proceeds and the market value at the time of their conversion into stock-in-trade. CIT (A) and the ITAT did not examine the aforesaid aspect of the matter. Thus, the orders passed by the AO as well as CIT (A) and the ITAT set aide remitting the matter to the AO to decide afresh – DEEPA S. PAI Vs. DY. CIT [2020] 270 TAXMAN 148 (KARN)