https://www.taxtmi.com/caselaws?id=37175 Land sale profits are treated as revenue receipts where the company's objects, acquisition pattern, scale of dealings, and overall conduct show that land dealing was a trading venture rather than a capital investment. A single or isolated transaction can still amount to an adventure in the nature of trade if the surrounding circumstances point to commercial activity. For tax accrual, profits are brought into the relevant accounting year when the consideration is received or otherwise treated as received and credited in the books, even if a registered conveyance is executed later. The commercial profit is taxable when it has substantially arisen and been recognised in accounts. en-us Fri, 07 Jul 1978 00:00:00 +0530 Sat, 27 Mar 2010 11:14:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37175 Land sale profits are treated as revenue receipts where the company's objects, acquisition pattern, scale of dealings, and overall conduct show that land dealing was a trading venture rather than a capital investment. A single or isolated transaction can still amount to an adventure in the nature of trade if the surrounding circumstances point to commercial activity. For tax accrual, profits are brought into the relevant accounting year when the consideration is received or otherwise treated as received and credited in the books, even if a registered conveyance is executed later. The commercial profit is taxable when it has substantially arisen and been recognised in accounts. Case-Laws Income Tax Fri, 07 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37175