https://www.taxtmi.com/caselaws?id=257902 An assessee may maintain separate investment and trading portfolios, and the character of land depends on the intention at acquisition and the surrounding facts. Where the lands were revenue-classified, agricultural income was declared, the holding period exceeded four years, no plotting or road formation occurred, no non-agricultural conversion was made, and there was no evidence of cessation of agricultural use, the lands retained their agricultural character and sale proceeds were not assessable as business income. On development expenses, full disallowance was not justified, but the lack of complete vouchers warranted estimation, so the expenditure disallowance was restricted to a lump sum amount. en-us Wed, 11 Mar 2015 00:00:00 +0530 Thu, 26 Mar 2015 06:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257902 An assessee may maintain separate investment and trading portfolios, and the character of land depends on the intention at acquisition and the surrounding facts. Where the lands were revenue-classified, agricultural income was declared, the holding period exceeded four years, no plotting or road formation occurred, no non-agricultural conversion was made, and there was no evidence of cessation of agricultural use, the lands retained their agricultural character and sale proceeds were not assessable as business income. On development expenses, full disallowance was not justified, but the lack of complete vouchers warranted estimation, so the expenditure disallowance was restricted to a lump sum amount. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257902