https://www.taxtmi.com/caselaws?id=388664 Capital gains on the Gevrai land sale were taxable in Assessment Year 2011-12, because transfer was completed only with registration and receipt of the balance consideration in that year; earlier receipt of substantial consideration did not itself fix taxability in Assessment Year 2008-09. The land transaction was not an adventure in the nature of trade, as the asset was consistently shown as a fixed asset and there was no material showing trading activity, so it was assessable under capital gains. The addition based on estimated annual letting value was unsustainable where municipal valuation for the relevant year was available and should have been used. en-us Thu, 19 Sep 2019 00:00:00 +0530 Tue, 19 Nov 2019 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388664 Capital gains on the Gevrai land sale were taxable in Assessment Year 2011-12, because transfer was completed only with registration and receipt of the balance consideration in that year; earlier receipt of substantial consideration did not itself fix taxability in Assessment Year 2008-09. The land transaction was not an adventure in the nature of trade, as the asset was consistently shown as a fixed asset and there was no material showing trading activity, so it was assessable under capital gains. The addition based on estimated annual letting value was unsustainable where municipal valuation for the relevant year was available and should have been used. Case-Laws Income Tax Thu, 19 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388664