https://www.taxtmi.com/caselaws?id=181360 Land retained as a balance-sheet asset for several years, and earlier treated as giving rise to capital gains, was not shown to have been converted into stock-in-trade. The sale documents indicated that possession would pass only on full payment, while the purchasers had merely a limited licence to enter the property; execution of a power of attorney alone did not establish transfer of ownership. In the absence of conclusive material that possession had actually passed during the relevant year or that the transaction was an adventure in the nature of trade, the receipt was not taxable as business income and was to be assessed as capital gains in the assessee's hands for the year offered. en-us Wed, 31 Mar 2010 00:00:00 +0530 Thu, 14 Apr 2016 17:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181360 Land retained as a balance-sheet asset for several years, and earlier treated as giving rise to capital gains, was not shown to have been converted into stock-in-trade. The sale documents indicated that possession would pass only on full payment, while the purchasers had merely a limited licence to enter the property; execution of a power of attorney alone did not establish transfer of ownership. In the absence of conclusive material that possession had actually passed during the relevant year or that the transaction was an adventure in the nature of trade, the receipt was not taxable as business income and was to be assessed as capital gains in the assessee's hands for the year offered. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181360