https://www.taxtmi.com/caselaws?id=341195 Income from sale of plots held as stock-in-trade was to be recognised only when the conveyance deed was registered and title passed to the buyers, not merely when sale consideration was received. Section 2(47) of the Income-tax Act was held inapplicable to stock-in-trade in immovable property, and transfer of ownership had to follow the Transfer of Property Act through a registered conveyance. Support was drawn from Accounting Standard 9, under which revenue arises only when risks, rewards and ownership pass. The matter was remanded for fresh examination, with development expenditure to be allowed on the matching principle. en-us Fri, 04 Nov 2016 00:00:00 +0530 Tue, 04 Apr 2017 09:59:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341195 Income from sale of plots held as stock-in-trade was to be recognised only when the conveyance deed was registered and title passed to the buyers, not merely when sale consideration was received. Section 2(47) of the Income-tax Act was held inapplicable to stock-in-trade in immovable property, and transfer of ownership had to follow the Transfer of Property Act through a registered conveyance. Support was drawn from Accounting Standard 9, under which revenue arises only when risks, rewards and ownership pass. The matter was remanded for fresh examination, with development expenditure to be allowed on the matching principle. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341195