https://www.taxtmi.com/caselaws?id=258449 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and situated beyond the municipal limit, thus exempting the profit from taxation as capital gains. The Tribunal disagreed with the Assessing Officer's classification of the income as business income, affirming that the transaction was not an adventure in the nature of trade. The decision rendered on 11th March 2015 favored the assessee, rendering other issues raised moot. en-us Wed, 11 Mar 2015 00:00:00 +0530 Sat, 15 Oct 2016 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258449 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and situated beyond the municipal limit, thus exempting the profit from taxation as capital gains. The Tribunal disagreed with the Assessing Officer's classification of the income as business income, affirming that the transaction was not an adventure in the nature of trade. The decision rendered on 11th March 2015 favored the assessee, rendering other issues raised moot. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258449