https://www.taxtmi.com/caselaws?id=284731 Land held as stock-in-trade under a development agreement was not treated as transferred where possession and legal control remained with the assessee, so the deeming provisions for transfer of a capital asset did not apply. The revenue recognition followed the development arrangement and accounting treatment, and the addition on sale of land was deleted. Consultancy fee disallowance was also deleted because the assessee produced supporting bills, paid through banking channels, and deducted tax at source, while no adverse material showed the expenditure was not for business purposes. The appellate relief was sustained in full. en-us Fri, 26 Apr 2019 00:00:00 +0530 Sat, 07 Dec 2019 10:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284731 Land held as stock-in-trade under a development agreement was not treated as transferred where possession and legal control remained with the assessee, so the deeming provisions for transfer of a capital asset did not apply. The revenue recognition followed the development arrangement and accounting treatment, and the addition on sale of land was deleted. Consultancy fee disallowance was also deleted because the assessee produced supporting bills, paid through banking channels, and deducted tax at source, while no adverse material showed the expenditure was not for business purposes. The appellate relief was sustained in full. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284731