https://www.taxtmi.com/caselaws?id=241804 The Tribunal upheld the classification of income from the sale of agricultural property as business income due to lack of agricultural activity on the land and the intention for real estate transactions. The sale consideration was determined based on a seized sale agreement at a higher rate of Rs. 25,000 per cent. The claim of the land being agricultural and exempt from capital gains tax was rejected as the land was not used for agricultural purposes. The documented purchase price was accepted over the claimed higher price, leading to the dismissal of the assessee's appeal. en-us Fri, 27 Dec 2013 00:00:00 +0530 Wed, 01 Jan 2014 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241804 The Tribunal upheld the classification of income from the sale of agricultural property as business income due to lack of agricultural activity on the land and the intention for real estate transactions. The sale consideration was determined based on a seized sale agreement at a higher rate of Rs. 25,000 per cent. The claim of the land being agricultural and exempt from capital gains tax was rejected as the land was not used for agricultural purposes. The documented purchase price was accepted over the claimed higher price, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Fri, 27 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241804