https://www.taxtmi.com/caselaws?id=194239 An isolated purchase and resale of agricultural land was analysed by reference to the intention at acquisition, the surrounding circumstances, and the absence of trade-like activity. Because the land was bought and sold as agricultural land, remained cultivated, was not converted to non-agricultural use, and was not plotted or developed, the transaction was treated as capital in character rather than an adventure in the nature of trade, so it was not business income. The surplus was also treated as agricultural income and exempt, since the land lay beyond the statutory municipal-distance limit, fell outside the definition of capital asset, and retained its agricultural character throughout without any change of use. en-us Tue, 29 Apr 2014 00:00:00 +0530 Sat, 02 Sep 2017 11:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194239 An isolated purchase and resale of agricultural land was analysed by reference to the intention at acquisition, the surrounding circumstances, and the absence of trade-like activity. Because the land was bought and sold as agricultural land, remained cultivated, was not converted to non-agricultural use, and was not plotted or developed, the transaction was treated as capital in character rather than an adventure in the nature of trade, so it was not business income. The surplus was also treated as agricultural income and exempt, since the land lay beyond the statutory municipal-distance limit, fell outside the definition of capital asset, and retained its agricultural character throughout without any change of use. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194239