https://www.taxtmi.com/caselaws?id=175442 The character of land for capital gains purposes must be determined on the date of transfer from contemporaneous revenue records, cultivation evidence and surrounding facts. Where RTC extracts and village records showed agricultural use, and conversion permission was subject to lapse if the converted purpose was not implemented, the land retained its agricultural character and fell outside the definition of capital asset, except for the limited portion already treated otherwise in one appeal. A separate addition for lease rentals was sustained because the lease agreement stood unrebutted and no material was produced to show that the amount was not receivable. en-us Wed, 30 Dec 2009 00:00:00 +0530 Wed, 31 Jan 2024 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175442 The character of land for capital gains purposes must be determined on the date of transfer from contemporaneous revenue records, cultivation evidence and surrounding facts. Where RTC extracts and village records showed agricultural use, and conversion permission was subject to lapse if the converted purpose was not implemented, the land retained its agricultural character and fell outside the definition of capital asset, except for the limited portion already treated otherwise in one appeal. A separate addition for lease rentals was sustained because the lease agreement stood unrebutted and no material was produced to show that the amount was not receivable. Case-Laws Income Tax Wed, 30 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175442