https://www.taxtmi.com/caselaws?id=13214 Amounts received by a coloniser as advances or earnest money under agreements to sell plots were treated as revenue receipts when they arose in the course of business and possession had already been transferred. The absence of a registered sale deed did not preserve their character as refundable deposits, because income-tax treatment depends on the commercial substance of the transaction rather than technical conveyancing formalities. Once the transferees acted on the arrangements and effective dominion over the plots had passed, the receipts became taxable business income. The doctrine of part performance under Section 53A of the Transfer of Property Act did not change that character. en-us Fri, 29 Sep 2006 00:00:00 +0530 Tue, 05 Mar 2024 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13214 Amounts received by a coloniser as advances or earnest money under agreements to sell plots were treated as revenue receipts when they arose in the course of business and possession had already been transferred. The absence of a registered sale deed did not preserve their character as refundable deposits, because income-tax treatment depends on the commercial substance of the transaction rather than technical conveyancing formalities. Once the transferees acted on the arrangements and effective dominion over the plots had passed, the receipts became taxable business income. The doctrine of part performance under Section 53A of the Transfer of Property Act did not change that character. Case-Laws Income Tax Fri, 29 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13214