https://www.taxtmi.com/caselaws?id=20105 Acquisition and resale of the Fort property was treated as a transfer of a capital asset, not an adventure in the nature of trade, because the property was acquired as capital, was not converted into stock-in-trade, and the surrounding circumstances did not show real-estate trading; the profit was therefore chargeable under capital gains. The income was held assessable in assessment year 1969-70, as the previous year is linked to the source of income, and the registered sale deed operated from the date of execution under section 47 of the Registration Act rather than the date of completion of registration. The appeal against levy of interest under section 217 was maintainable because the challenge went to the underlying liability. en-us Fri, 16 Jul 1993 00:00:00 +0530 Wed, 11 Nov 2009 16:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20105 Acquisition and resale of the Fort property was treated as a transfer of a capital asset, not an adventure in the nature of trade, because the property was acquired as capital, was not converted into stock-in-trade, and the surrounding circumstances did not show real-estate trading; the profit was therefore chargeable under capital gains. The income was held assessable in assessment year 1969-70, as the previous year is linked to the source of income, and the registered sale deed operated from the date of execution under section 47 of the Registration Act rather than the date of completion of registration. The appeal against levy of interest under section 217 was maintainable because the challenge went to the underlying liability. Case-Laws Income Tax Fri, 16 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20105