Assessee to Offer Business Income in Year in which Stock-in-Trade was Sold

DCIT Vs Clean City Estates Pvt. Ltd. (ITAT Hyderabad) The issue under consideration is whether in case of real estate, tax liability will be arise when land was sold or when same was contributed for development under JDA? ITAT states that, the land, which is a subject matter of MoU/JDA is treated as stock-in-trade by the assessee. The AO has observed that the assessee has given the said land for development and has given possession of the same to the builder for the said purpose and, therefore, he held it to be a transfer. ITAT find that as rightly pointed out by the ld. CIT(A), the provisions...