https://www.taxtmi.com/caselaws?id=378408 Gain on conversion of capital asset into stock-in-trade is chargeable only when the stock-in-trade is actually sold or otherwise transferred; a joint development agreement alone did not trigger taxability in the relevant year, so the revisional view on capital gains and business income was unsustainable. Notional house property income from two unsold flats also could not be brought to tax for assessment year 2013-14 because the provision relied on was inserted later and could not operate retrospectively to create a fresh liability. The revisionary order was therefore set aside and the assessee's appeal succeeded. en-us Fri, 12 Apr 2019 00:00:00 +0530 Mon, 15 Apr 2019 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378408 Gain on conversion of capital asset into stock-in-trade is chargeable only when the stock-in-trade is actually sold or otherwise transferred; a joint development agreement alone did not trigger taxability in the relevant year, so the revisional view on capital gains and business income was unsustainable. Notional house property income from two unsold flats also could not be brought to tax for assessment year 2013-14 because the provision relied on was inserted later and could not operate retrospectively to create a fresh liability. The revisionary order was therefore set aside and the assessee's appeal succeeded. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378408