https://www.taxtmi.com/caselaws?id=257464 Repeated steps for commercial real estate development, including conversion of agricultural land to non-agricultural use, approval of layout plans, engagement of architects and clearances, were treated as evidence that the land had been converted into stock-in-trade rather than retained as a capital asset. The development agreement and power of attorney did not amount to a transfer under section 2(47)(v) or (vi) because the agreement was unregistered, possession remained with the owner, the developer had only a licence to enter, and the requirements linked to section 53A of the Transfer of Property Act were not met. No sale consideration had actually accrued during the year, so no taxable capital gain arose. en-us Wed, 25 Feb 2015 00:00:00 +0530 Tue, 18 Aug 2015 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257464 Repeated steps for commercial real estate development, including conversion of agricultural land to non-agricultural use, approval of layout plans, engagement of architects and clearances, were treated as evidence that the land had been converted into stock-in-trade rather than retained as a capital asset. The development agreement and power of attorney did not amount to a transfer under section 2(47)(v) or (vi) because the agreement was unregistered, possession remained with the owner, the developer had only a licence to enter, and the requirements linked to section 53A of the Transfer of Property Act were not met. No sale consideration had actually accrued during the year, so no taxable capital gain arose. Case-Laws Income Tax Wed, 25 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257464