https://www.taxtmi.com/caselaws?id=212795 In the absence of a written sale agreement and delivery of possession, receipt of an advance for proposed land sale did not constitute a transfer under section 2(47)(v) read with section 53A, so the balance consideration was not taxable in the year of receipt. The appellate order was not vitiated merely because its discussion of Rule 46A was brief, where the essential facts and basis of decision were recorded and no prejudice was shown. Surplus on sale of long-held agricultural lands, treated as fixed assets and without evidence of conversion into stock-in-trade or a trading scheme, was assessable as capital gains and not business income. en-us Fri, 23 Dec 2011 00:00:00 +0530 Tue, 29 Oct 2013 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212795 In the absence of a written sale agreement and delivery of possession, receipt of an advance for proposed land sale did not constitute a transfer under section 2(47)(v) read with section 53A, so the balance consideration was not taxable in the year of receipt. The appellate order was not vitiated merely because its discussion of Rule 46A was brief, where the essential facts and basis of decision were recorded and no prejudice was shown. Surplus on sale of long-held agricultural lands, treated as fixed assets and without evidence of conversion into stock-in-trade or a trading scheme, was assessable as capital gains and not business income. Case-Laws Income Tax Fri, 23 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212795