https://www.taxtmi.com/caselaws?id=66073 An agriculturist family's ancestral land, used for agriculture until 1980-81, was plotted and sold without any purchase element, trading intention, or substantial development activity. Mere subdivision to secure a better price was consistent with realisation of a capital asset, not an adventure in the nature of trade, so the receipts were not business income. The agreement of sale did not transfer title; title passed only on registered sale deeds. As the land fell within the statutory distance bringing it within the definition of a capital asset, the transactions were assessable under capital gains. en-us Fri, 18 Dec 1992 00:00:00 +0530 Mon, 21 Feb 2011 12:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66073 An agriculturist family's ancestral land, used for agriculture until 1980-81, was plotted and sold without any purchase element, trading intention, or substantial development activity. Mere subdivision to secure a better price was consistent with realisation of a capital asset, not an adventure in the nature of trade, so the receipts were not business income. The agreement of sale did not transfer title; title passed only on registered sale deeds. As the land fell within the statutory distance bringing it within the definition of a capital asset, the transactions were assessable under capital gains. Case-Laws Income Tax Fri, 18 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66073