https://www.taxtmi.com/caselaws?id=193325 Profits realised during an ongoing land-development venture are assessable in the previous year when they are actually realised if the capital invested has been recouped and the profit is capable of precise ascertainment; this departs from the normal rule that a single venture's profits are ascertained only on completion where factual findings show earlier accrual. Business may include an adventure in the nature of trade and such activities can be treated as stock-in-trade; outcome: assessed in the year of realisation, decision favours the assessee. en-us Mon, 15 Jan 1962 00:00:00 +0530 Mon, 24 Jul 2017 17:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193325 Profits realised during an ongoing land-development venture are assessable in the previous year when they are actually realised if the capital invested has been recouped and the profit is capable of precise ascertainment; this departs from the normal rule that a single venture's profits are ascertained only on completion where factual findings show earlier accrual. Business may include an adventure in the nature of trade and such activities can be treated as stock-in-trade; outcome: assessed in the year of realisation, decision favours the assessee. Case-Laws Income Tax Mon, 15 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193325