https://www.taxtmi.com/caselaws?id=185044 Agricultural land retained its character in the assessee's hands because the revenue records, contemporaneous evidence of agricultural use, rural location outside municipal limits, and the Tehsildar's report all supported that status, while no development or conversion activity was shown before sale. The purchaser's intended non-agricultural use was irrelevant to the land's character at the time of sale. The Tribunal also held that frequency of transactions and sale to industrial buyers, without more, did not establish an adventure in the nature of trade where the lands were held as fixed assets. The surplus was therefore not taxable as business income or capital gains. en-us Fri, 27 Apr 2012 00:00:00 +0530 Thu, 28 Jul 2016 17:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185044 Agricultural land retained its character in the assessee's hands because the revenue records, contemporaneous evidence of agricultural use, rural location outside municipal limits, and the Tehsildar's report all supported that status, while no development or conversion activity was shown before sale. The purchaser's intended non-agricultural use was irrelevant to the land's character at the time of sale. The Tribunal also held that frequency of transactions and sale to industrial buyers, without more, did not establish an adventure in the nature of trade where the lands were held as fixed assets. The surplus was therefore not taxable as business income or capital gains. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185044