https://www.taxtmi.com/caselaws?id=337857 Agricultural land situated beyond municipal limits retained its agricultural character on the evidence, including land records, cultivation use, grazing, and absence of non-agricultural conversion. Handing over possession under agreements to sell did not by itself convert the land into business stock or the sale proceeds into business profit. On the facts, the receipt from transfer of the lands was not assessable as an adventure in the nature of trade, and the addition made by the Assessing Officer was deleted. en-us Wed, 11 Jan 2017 00:00:00 +0530 Thu, 19 Jan 2017 08:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337857 Agricultural land situated beyond municipal limits retained its agricultural character on the evidence, including land records, cultivation use, grazing, and absence of non-agricultural conversion. Handing over possession under agreements to sell did not by itself convert the land into business stock or the sale proceeds into business profit. On the facts, the receipt from transfer of the lands was not assessable as an adventure in the nature of trade, and the addition made by the Assessing Officer was deleted. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337857