{"id":2334,"date":"2018-09-12T06:56:57","date_gmt":"2018-09-12T06:56:57","guid":{"rendered":"http:\/\/itatonline.org\/digest\/vilas-babanrao-rukari-huf-2018-171-itd-532-pune-trib\/"},"modified":"2019-04-17T23:57:22","modified_gmt":"2019-04-17T23:57:22","slug":"vilas-babanrao-rukari-huf-2018-171-itd-532-pune-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/vilas-babanrao-rukari-huf-2018-171-itd-532-pune-trib\/","title":{"rendered":"ITO v.Vilas Babanrao Rukari (HUF)  (2018) 171 ITD 532\/ 194 TTJ 954\/ 167 DTR 353  (Pune)   (Trib.)"},"content":{"rendered":"<p>Tribunal held that , advance\u00a0 received equivalent to \u00a0share cannot be taxed in the year\u00a0 of receipt .As per the development\u00a0 agreement right to collect said amount would crystallize on day when tenements or portion of land would be sold\/handed over by developers to prospective buyers in subsequent year. Developer had recognized completion and sale of developed portion in subsequent assessment year 2011-12, business profits arising \u00a0would be taxable in assessment year 2011-12.Capital gains arising on conversion of capital asset into stock-in-trade would also be taxed in \u00a0in subsequent assessment year 2011-12 in which business profits were to be taxed. On conversion of capital asset into stock-in-trade, capital gains had to be worked out on basis of fair market value of property as on date of conversion and not on basis of existing market value of property <strong>.<\/strong>( AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.28(i): Business income- Capital gains-Conversion in to stock in trade-Development agreement-Project completion method-Advance  received equivalent to  share cannot be taxed in the year  of receipt \u2013As per the agreement ,right to collect said amount would crystallize on day when tenements or portion of land would be sold\/handed over by developers to prospective buyers in subsequent year- Taxable in subsequent year- Capital gains arising on conversion of land into stock-in-trade prior to development agreement would also be taxed in  subsequent year in which the right to collect the amount is  crystallized- Conversion of capital asset into stock-in-trade, capital gains had to be worked out on basis of fair market value of property as on date of conversion and not on basis of existing market value of property .  [ S. 4, 5,45, 145 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2334","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-BE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=2334"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2334\/revisions"}],"predecessor-version":[{"id":4918,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2334\/revisions\/4918"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}