https://www.taxtmi.com/caselaws?id=67387 Sale of plots carved out of agricultural land received on dissolution of a firm was not treated as business income because there was no evidence of a land-dealing venture, no development activity, and no conversion into a commercial enterprise; mere plotting to secure a better price did not make the transaction an adventure in the nature of trade. Agricultural land within municipal limits of a town meeting the statutory population threshold was treated as a capital asset, so the statutory exclusion did not apply and capital gains tax remained chargeable on the sale. en-us Wed, 12 Nov 1986 00:00:00 +0530 Thu, 10 Mar 2011 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67387 Sale of plots carved out of agricultural land received on dissolution of a firm was not treated as business income because there was no evidence of a land-dealing venture, no development activity, and no conversion into a commercial enterprise; mere plotting to secure a better price did not make the transaction an adventure in the nature of trade. Agricultural land within municipal limits of a town meeting the statutory population threshold was treated as a capital asset, so the statutory exclusion did not apply and capital gains tax remained chargeable on the sale. Case-Laws Income Tax Wed, 12 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67387