https://www.taxtmi.com/caselaws?id=207888 For capital gains purposes, land is treated as agricultural only if actual cultivation and surrounding factual indicators show that character at the date of sale; revenue records are relevant but not conclusive, and the land here was found to be barren, so it was held to be a capital asset and long-term capital gain was sustained. A development agreement amounts to a transfer under section 2(47)(v) only where possession is given in part performance of a contract satisfying section 53A, but the record was insufficient for final determination, so the issue was remitted to the CIT(A) for fresh adjudication. Earlier additions treating disclosed agricultural income as income from other sources were upheld because the non-agricultural character finding survived. en-us Fri, 16 Dec 2011 00:00:00 +0530 Thu, 21 Apr 2016 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207888 For capital gains purposes, land is treated as agricultural only if actual cultivation and surrounding factual indicators show that character at the date of sale; revenue records are relevant but not conclusive, and the land here was found to be barren, so it was held to be a capital asset and long-term capital gain was sustained. A development agreement amounts to a transfer under section 2(47)(v) only where possession is given in part performance of a contract satisfying section 53A, but the record was insufficient for final determination, so the issue was remitted to the CIT(A) for fresh adjudication. Earlier additions treating disclosed agricultural income as income from other sources were upheld because the non-agricultural character finding survived. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207888