https://www.taxtmi.com/caselaws?id=120507 An isolated sale of agricultural land, without conversion, development, or other positive material showing trading intent, is not an adventure in the nature of trade, so the surplus is not taxable as business income. The land remained agricultural, was sold in only a small part, and the surrounding circumstances did not show a dominant intention to trade. Agricultural land situated beyond 8 kilometres from the relevant municipal limits was also treated as outside the definition of capital asset under section 2(14), so no capital gains arose. en-us Fri, 30 May 2008 00:00:00 +0530 Fri, 20 Jul 2012 15:57:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120507 An isolated sale of agricultural land, without conversion, development, or other positive material showing trading intent, is not an adventure in the nature of trade, so the surplus is not taxable as business income. The land remained agricultural, was sold in only a small part, and the surrounding circumstances did not show a dominant intention to trade. Agricultural land situated beyond 8 kilometres from the relevant municipal limits was also treated as outside the definition of capital asset under section 2(14), so no capital gains arose. Case-Laws Income Tax Fri, 30 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120507