https://www.taxtmi.com/caselaws?id=352255 The appellate authority initially treated the appellant's land transactions as an adventure in the nature of trade, taxing profits as business income. However, the tribunal overturned this decision, considering the appellant an investor in agricultural land exempt from capital gains tax. The tribunal emphasized the appellant's agricultural background, distant land location, lack of borrowing for purchases, and continued agricultural activities. The assessee's appeal was allowed, and the revenue's appeal was dismissed, affirming the exemption from capital gains tax under Section 2(14) of the Income Tax Act, 1961. en-us Mon, 04 Dec 2017 00:00:00 +0530 Mon, 11 Dec 2017 08:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352255 The appellate authority initially treated the appellant's land transactions as an adventure in the nature of trade, taxing profits as business income. However, the tribunal overturned this decision, considering the appellant an investor in agricultural land exempt from capital gains tax. The tribunal emphasized the appellant's agricultural background, distant land location, lack of borrowing for purchases, and continued agricultural activities. The assessee's appeal was allowed, and the revenue's appeal was dismissed, affirming the exemption from capital gains tax under Section 2(14) of the Income Tax Act, 1961. Case-Laws Income Tax Mon, 04 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352255