https://www.taxtmi.com/caselaws?id=261973 Surplus from sale of long-held agricultural land was treated as exempt and not taxable as business income because the lands were agricultural, had been used for cultivation, and there was no evidence of development, conversion of land use, or organised trading activity. The later use of sale proceeds did not change the character of the transaction. On the agricultural income issue, the declared income was found excessive against past records and surrounding circumstances, so it was estimated at a lower figure and the addition was sustained only to that extent. The principal ground was decided in the assessee's favour, while the income adjustment was partly upheld. en-us Fri, 24 Jul 2015 00:00:00 +0530 Wed, 29 Jul 2015 07:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261973 Surplus from sale of long-held agricultural land was treated as exempt and not taxable as business income because the lands were agricultural, had been used for cultivation, and there was no evidence of development, conversion of land use, or organised trading activity. The later use of sale proceeds did not change the character of the transaction. On the agricultural income issue, the declared income was found excessive against past records and surrounding circumstances, so it was estimated at a lower figure and the addition was sustained only to that extent. The principal ground was decided in the assessee's favour, while the income adjustment was partly upheld. Case-Laws Income Tax Fri, 24 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261973