https://www.taxtmi.com/caselaws?id=66096 The Tribunal held that the income from the sale of agricultural lands should be treated as capital gains, not business profits, as the transaction did not constitute an adventure in the nature of trade. The Assessing Officer was directed to verify the investment in National Rural Development Bonds for assessing capital gains. The appeal by the assessee was allowed, and the orders of the lower authorities were set aside, deleting the addition made by the ITO and sustained by the CIT(A). en-us Thu, 09 Nov 1995 00:00:00 +0530 Mon, 21 Feb 2011 14:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66096 The Tribunal held that the income from the sale of agricultural lands should be treated as capital gains, not business profits, as the transaction did not constitute an adventure in the nature of trade. The Assessing Officer was directed to verify the investment in National Rural Development Bonds for assessing capital gains. The appeal by the assessee was allowed, and the orders of the lower authorities were set aside, deleting the addition made by the ITO and sustained by the CIT(A). Case-Laws Income Tax Thu, 09 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66096