https://www.taxtmi.com/caselaws?id=188713 Land consistently reflected as a fixed asset, supported by accepted agricultural income, agricultural use entries, and a sale deed describing it as agricultural land was treated as a capital asset rather than stock-in-trade. The absence of frequent land transactions and the local restriction on non-agricultural use within Delhi showed no systematic trading adventure, and the company's ancillary farming objects did not convert the holding into business inventory. The surplus on sale was therefore assessable as long-term capital gain, and the addition treating it as business income could not be sustained. en-us Fri, 13 May 2011 00:00:00 +0530 Wed, 14 Dec 2016 11:37:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188713 Land consistently reflected as a fixed asset, supported by accepted agricultural income, agricultural use entries, and a sale deed describing it as agricultural land was treated as a capital asset rather than stock-in-trade. The absence of frequent land transactions and the local restriction on non-agricultural use within Delhi showed no systematic trading adventure, and the company's ancillary farming objects did not convert the holding into business inventory. The surplus on sale was therefore assessable as long-term capital gain, and the addition treating it as business income could not be sustained. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188713