https://www.taxtmi.com/caselaws?id=244833 In a development arrangement, land retained for structured exploitation through a developer may acquire the character of stock-in-trade where the transaction is partly in the nature of trade, even without formal conversion. Consideration for land transferred outright remains chargeable as capital gains under section 45(1), while the portion represented by land converted into stock-in-trade is governed by section 45(2), with taxability linked to conversion and the later sale of the stock-in-trade. Tax on the relevant gains arises only when rights and consideration crystallise, and on these facts no capital gains arose before assessment year 2005-06. en-us Wed, 26 Feb 2014 00:00:00 +0530 Mon, 10 Mar 2014 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244833 In a development arrangement, land retained for structured exploitation through a developer may acquire the character of stock-in-trade where the transaction is partly in the nature of trade, even without formal conversion. Consideration for land transferred outright remains chargeable as capital gains under section 45(1), while the portion represented by land converted into stock-in-trade is governed by section 45(2), with taxability linked to conversion and the later sale of the stock-in-trade. Tax on the relevant gains arises only when rights and consideration crystallise, and on these facts no capital gains arose before assessment year 2005-06. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244833