https://www.taxtmi.com/caselaws?id=217772 The tribunal allowed the revenue's appeal, determining that the gain from the sale of agricultural land in Nagpur was rightly classified as trading income rather than qualifying for tax exemption under section 2(14)(iii) of the IT Act. The decision was based on the commercial intent evidenced by the quick sale for non-agricultural purposes, surrounding developments, and the overall nature of the transaction. The tribunal overturned the CIT(A)'s decision, emphasizing the real use of the land in determining its tax treatment. en-us Wed, 18 Jul 2012 00:00:00 +0530 Thu, 25 Oct 2012 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217772 The tribunal allowed the revenue's appeal, determining that the gain from the sale of agricultural land in Nagpur was rightly classified as trading income rather than qualifying for tax exemption under section 2(14)(iii) of the IT Act. The decision was based on the commercial intent evidenced by the quick sale for non-agricultural purposes, surrounding developments, and the overall nature of the transaction. The tribunal overturned the CIT(A)'s decision, emphasizing the real use of the land in determining its tax treatment. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217772