https://www.taxtmi.com/caselaws?id=257824 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and not a capital asset under Section 2(14) of the Income Tax Act. Therefore, the profit from the sale was not taxable as capital gains. The Tribunal also found that the transaction did not constitute business income, as the assessee's intention was not to trade and the land was held for more than two years before being sold. en-us Wed, 11 Mar 2015 00:00:00 +0530 Tue, 24 Mar 2015 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257824 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and not a capital asset under Section 2(14) of the Income Tax Act. Therefore, the profit from the sale was not taxable as capital gains. The Tribunal also found that the transaction did not constitute business income, as the assessee's intention was not to trade and the land was held for more than two years before being sold. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257824