https://www.taxtmi.com/caselaws?id=217301 HC held that sale of the assessee's agricultural land in small carved-out plots did not convert the asset into business property or an adventure in the nature of trade where there was no development, flotation, or prior permission from PUDA for non-agricultural use. Records (Girdawari, land-revenue registration and pre-notification status) and ITAT findings showed the land remained agricultural; hence gains on sale were long-term capital gains, not business income, and the revenue failed to prove trading intent. en-us Mon, 17 Sep 2012 00:00:00 +0530 Wed, 03 Sep 2025 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217301 HC held that sale of the assessee's agricultural land in small carved-out plots did not convert the asset into business property or an adventure in the nature of trade where there was no development, flotation, or prior permission from PUDA for non-agricultural use. Records (Girdawari, land-revenue registration and pre-notification status) and ITAT findings showed the land remained agricultural; hence gains on sale were long-term capital gains, not business income, and the revenue failed to prove trading intent. Case-Laws Income Tax Mon, 17 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217301