https://www.taxtmi.com/caselaws?id=206610 The Tribunal affirmed that the lands in question were agricultural lands, not capital assets, as per Section 2(14)(iii) of the Income Tax Act. The sale was not deemed an adventure in the nature of trade, as the lands were used for agricultural purposes and remained in their original state. The gains from the sale were consequently not taxable under the Act, leading to the dismissal of all revenue appeals. en-us Tue, 26 Apr 2011 00:00:00 +0530 Wed, 09 Nov 2011 07:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206610 The Tribunal affirmed that the lands in question were agricultural lands, not capital assets, as per Section 2(14)(iii) of the Income Tax Act. The sale was not deemed an adventure in the nature of trade, as the lands were used for agricultural purposes and remained in their original state. The gains from the sale were consequently not taxable under the Act, leading to the dismissal of all revenue appeals. Case-Laws Income Tax Tue, 26 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206610