https://www.taxtmi.com/caselaws?id=274166 Amount received under a development agreement was not treated as sale consideration for transfer of land because the arrangement was for development of the project and protection of the parties' rights, not a conveyance of the land. The land continued as stock-in-trade, so Section 53A of the Transfer of Property Act did not apply, and the security deposit was recorded only as a liability rather than consideration for transfer. Section 28(va) of the Income-tax Act also did not apply because the receipt was not for refraining from any competing activity. The addition made by the lower authority was deleted. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 31 Jul 2018 21:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274166 Amount received under a development agreement was not treated as sale consideration for transfer of land because the arrangement was for development of the project and protection of the parties' rights, not a conveyance of the land. The land continued as stock-in-trade, so Section 53A of the Transfer of Property Act did not apply, and the security deposit was recorded only as a liability rather than consideration for transfer. Section 28(va) of the Income-tax Act also did not apply because the receipt was not for refraining from any competing activity. The addition made by the lower authority was deleted. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274166