https://www.taxtmi.com/caselaws?id=221564 Advance received for an uncompleted land sale was not taxable as income in the relevant year because the sale deed was executed only later and the statutory requirements for a deemed transfer under section 2(47)(v) read with section 53A were not cumulatively satisfied; the receipt remained an advance until the transaction was completed. Land consistently shown as a fixed asset, held for a long period, and treated as an investment asset was taxable on sale as capital gains, not business income, because the surrounding facts supported investment character rather than trading stock. The revenue challenge therefore failed. en-us Thu, 07 Mar 2013 00:00:00 +0530 Tue, 02 Jul 2013 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221564 Advance received for an uncompleted land sale was not taxable as income in the relevant year because the sale deed was executed only later and the statutory requirements for a deemed transfer under section 2(47)(v) read with section 53A were not cumulatively satisfied; the receipt remained an advance until the transaction was completed. Land consistently shown as a fixed asset, held for a long period, and treated as an investment asset was taxable on sale as capital gains, not business income, because the surrounding facts supported investment character rather than trading stock. The revenue challenge therefore failed. Case-Laws Income Tax Thu, 07 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221564