https://www.taxtmi.com/caselaws?id=175696 Land recorded in revenue records and used for agriculture retained its agricultural character, and sale in smaller parcels without development activity did not amount to an adventure in the nature of trade. The proceeds were therefore not assessable as business income. However, because the land fell within the relevant notified area and prescribed proximity to municipal limits, it remained a capital asset for tax purposes. The transfer was accordingly chargeable to long-term capital gains and not exempt from tax. en-us Tue, 21 Jun 2011 00:00:00 +0530 Thu, 03 Dec 2015 10:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175696 Land recorded in revenue records and used for agriculture retained its agricultural character, and sale in smaller parcels without development activity did not amount to an adventure in the nature of trade. The proceeds were therefore not assessable as business income. However, because the land fell within the relevant notified area and prescribed proximity to municipal limits, it remained a capital asset for tax purposes. The transfer was accordingly chargeable to long-term capital gains and not exempt from tax. Case-Laws Income Tax Tue, 21 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175696