https://www.taxtmi.com/caselaws?id=118779 Gains from sale of plantation land were treated as capital receipts rather than business income because the land was held and used as agricultural land for years, with continued cultivation and no material showing a trading motive. The Tribunal rejected the Revenue's reliance on later inspection findings such as layouts, roads, houses, or electrification, holding that the land's character must be determined on the facts existing at the time of transfer. It also noted that the sales were made to meet financial liabilities, not as an adventure in the nature of trade. The receipts were therefore regarded as falling in the capital field in favour of the assessee. en-us Thu, 29 Sep 2005 00:00:00 +0530 Wed, 01 Aug 2012 00:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118779 Gains from sale of plantation land were treated as capital receipts rather than business income because the land was held and used as agricultural land for years, with continued cultivation and no material showing a trading motive. The Tribunal rejected the Revenue's reliance on later inspection findings such as layouts, roads, houses, or electrification, holding that the land's character must be determined on the facts existing at the time of transfer. It also noted that the sales were made to meet financial liabilities, not as an adventure in the nature of trade. The receipts were therefore regarded as falling in the capital field in favour of the assessee. Case-Laws Income Tax Thu, 29 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118779