https://www.taxtmi.com/caselaws?id=120852 Where immovable property was treated as stock-in-trade, the controversy concerned business income rather than capital gains, but accrual of income still depended on whether a genuine sale had occurred under the surrounding facts. The agreement, alleged cancellation, possession, conduct of the parties, related-party connection, accounting entries, and factual discrepancies were all relevant to test whether the transaction was real or whether cancellation was an afterthought. As the available material was insufficient to resolve those issues conclusively, the existing findings were set aside and the matter was remanded for fresh adjudication on a de novo factual examination. en-us Fri, 16 Nov 2007 00:00:00 +0530 Tue, 24 Jul 2012 18:34:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120852 Where immovable property was treated as stock-in-trade, the controversy concerned business income rather than capital gains, but accrual of income still depended on whether a genuine sale had occurred under the surrounding facts. The agreement, alleged cancellation, possession, conduct of the parties, related-party connection, accounting entries, and factual discrepancies were all relevant to test whether the transaction was real or whether cancellation was an afterthought. As the available material was insufficient to resolve those issues conclusively, the existing findings were set aside and the matter was remanded for fresh adjudication on a de novo factual examination. Case-Laws Income Tax Fri, 16 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120852