https://www.taxtmi.com/caselaws?id=332741 The Tribunal upheld the classification of gain from the sale of rural agricultural lands as business income, considering the quick resale, financing by buyers, and commercial motive. The appellant's low declared agricultural income and land cultivation status were also scrutinized, leading to the conclusion that the transactions were akin to trade, not investment. The appeal was dismissed, affirming the business income classification without delving into the agricultural land status. en-us Fri, 12 Aug 2016 00:00:00 +0530 Sat, 24 Sep 2016 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332741 The Tribunal upheld the classification of gain from the sale of rural agricultural lands as business income, considering the quick resale, financing by buyers, and commercial motive. The appellant's low declared agricultural income and land cultivation status were also scrutinized, leading to the conclusion that the transactions were akin to trade, not investment. The appeal was dismissed, affirming the business income classification without delving into the agricultural land status. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332741