https://www.taxtmi.com/caselaws?id=799676 Section 45(2) applies only when an owner converts a capital asset into, or treats it as, stock-in-trade of a business carried on by that owner. Entering a joint development agreement under which another party undertakes development does not, without evidence of conversion or real-estate business, alter the land's capital-asset character; the long-term capital-gains addition was therefore deleted. Business-income treatment of flats transferred to a spouse requires proof of a sale for actual consideration. Unrebutted affidavit and bank evidence of non-payment outweigh a sale-deed recital or value stated for duty purposes, so no taxable business income arose and the addition was deleted. en-us Wed, 16 Sep 2026 00:00:00 +0530 Fri, 25 Sep 2026 08:16:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799676 Section 45(2) applies only when an owner converts a capital asset into, or treats it as, stock-in-trade of a business carried on by that owner. Entering a joint development agreement under which another party undertakes development does not, without evidence of conversion or real-estate business, alter the land's capital-asset character; the long-term capital-gains addition was therefore deleted. Business-income treatment of flats transferred to a spouse requires proof of a sale for actual consideration. Unrebutted affidavit and bank evidence of non-payment outweigh a sale-deed recital or value stated for duty purposes, so no taxable business income arose and the addition was deleted. Case-Laws Income Tax Wed, 16 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799676