https://www.taxtmi.com/caselaws?id=237179 Land sale surplus was treated as non-taxable because the lands were supported by revenue records and surrounding facts as agricultural land beyond municipal limits on the date of sale, and the potential use by purchasers did not alter that character; the same facts also ruled out assessment as business income from an adventure in the nature of trade. Interest on FDRs placed for bank guarantees and related project needs, however, was held taxable on its own character in the absence of a clear nexus for netting against pre-operative , and reimbursement of rent and electricity charges was likewise treated as separately taxable. The analysis therefore gives partial relief on land-sale characterisation and rejects relief on the other receipts. en-us Fri, 13 Sep 2013 00:00:00 +0530 Fri, 20 Sep 2013 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237179 Land sale surplus was treated as non-taxable because the lands were supported by revenue records and surrounding facts as agricultural land beyond municipal limits on the date of sale, and the potential use by purchasers did not alter that character; the same facts also ruled out assessment as business income from an adventure in the nature of trade. Interest on FDRs placed for bank guarantees and related project needs, however, was held taxable on its own character in the absence of a clear nexus for netting against pre-operative , and reimbursement of rent and electricity charges was likewise treated as separately taxable. The analysis therefore gives partial relief on land-sale characterisation and rejects relief on the other receipts. Case-Laws Income Tax Fri, 13 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237179