https://www.taxtmi.com/caselaws?id=67225 The Tribunal ruled that income from the sale of agricultural land should be taxed as capital gains, not business income. The assessees, who received land and sold plots without engaging in a regular land development business, were found not to have converted the land into business assets. Additionally, the Tribunal determined that land within municipal limits intended for non-agricultural use qualifies as a capital asset subject to capital gains tax. The Tribunal upheld the Income Tax Officer's decision to tax the income as capital gains, overturning the Appellate Authority Commissioner's ruling. en-us Wed, 12 Nov 1986 00:00:00 +0530 Wed, 09 Mar 2011 15:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67225 The Tribunal ruled that income from the sale of agricultural land should be taxed as capital gains, not business income. The assessees, who received land and sold plots without engaging in a regular land development business, were found not to have converted the land into business assets. Additionally, the Tribunal determined that land within municipal limits intended for non-agricultural use qualifies as a capital asset subject to capital gains tax. The Tribunal upheld the Income Tax Officer's decision to tax the income as capital gains, overturning the Appellate Authority Commissioner's ruling. Case-Laws Income Tax Wed, 12 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67225