https://www.taxtmi.com/caselaws?id=61751 Land is treated as agricultural where it has been set apart or earmarked for agricultural use, even if actual cultivation was not completed before sale. The decisive factor is the surrounding facts, including the lease purpose, progressive development into plantation, and clear intention to use the estate for agriculture. Inability to fully develop the reserve land because of financial constraints did not change its character. Accordingly, the land fell outside the definition of capital asset under the Income-tax Act, and the revenue's appeals failed. en-us Sat, 18 Feb 1984 00:00:00 +0530 Sun, 06 Feb 2011 03:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61751 Land is treated as agricultural where it has been set apart or earmarked for agricultural use, even if actual cultivation was not completed before sale. The decisive factor is the surrounding facts, including the lease purpose, progressive development into plantation, and clear intention to use the estate for agriculture. Inability to fully develop the reserve land because of financial constraints did not change its character. Accordingly, the land fell outside the definition of capital asset under the Income-tax Act, and the revenue's appeals failed. Case-Laws Income Tax Sat, 18 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61751