https://www.taxtmi.com/caselaws?id=349232 The Kerala High Court analyzed the classification of land as a capital asset under the Income Tax Act. The court emphasized the importance of the land's status at the time of sale and ruled that the land, initially agricultural, had been converted for non-agricultural purposes, thus not qualifying for capital gains exemption. Additionally, the court held that the land's conversion into stock-in-trade constituted a transfer, leading to the dismissal of the appeals in favor of the Revenue. en-us Thu, 31 Aug 2017 00:00:00 +0530 Fri, 22 Jun 2018 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349232 The Kerala High Court analyzed the classification of land as a capital asset under the Income Tax Act. The court emphasized the importance of the land's status at the time of sale and ruled that the land, initially agricultural, had been converted for non-agricultural purposes, thus not qualifying for capital gains exemption. Additionally, the court held that the land's conversion into stock-in-trade constituted a transfer, leading to the dismissal of the appeals in favor of the Revenue. Case-Laws Income Tax Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349232