https://www.taxtmi.com/caselaws?id=186672 An isolated sale of land was not treated as an adventure in the nature of trade because the Revenue did not prove regular land dealing, development activity, or conversion into stock-in-trade, and short holding period alone was insufficient. The burden remained on the Revenue to show that the land formed part of business assets, so the trading-character allegation failed. On the capital asset question under section 2(14), the land was treated as agricultural on the material available, but the distance evidence was contradictory and the Public Works Department certificate was ambiguous. The matter therefore required limited fresh verification of the distance from the municipal limits. en-us Mon, 11 Apr 2016 00:00:00 +0530 Tue, 27 Sep 2016 10:22:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186672 An isolated sale of land was not treated as an adventure in the nature of trade because the Revenue did not prove regular land dealing, development activity, or conversion into stock-in-trade, and short holding period alone was insufficient. The burden remained on the Revenue to show that the land formed part of business assets, so the trading-character allegation failed. On the capital asset question under section 2(14), the land was treated as agricultural on the material available, but the distance evidence was contradictory and the Public Works Department certificate was ambiguous. The matter therefore required limited fresh verification of the distance from the municipal limits. Case-Laws Income Tax Mon, 11 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186672