https://www.taxtmi.com/caselaws?id=352260 Agricultural land recorded in revenue records remained agricultural in character because no convincing material showed otherwise, and the assessee had not engaged in repeated or organised land dealings. Short holding period and a sharp rise in sale price were held insufficient, by themselves, to convert the sale into an adventure in the nature of trade. The absence of borrowed funds, prior or subsequent land trading, and other commercial indicators supported exemption rather than business taxation. As the underlying addition failed, the related penalty could not survive. en-us Wed, 06 Dec 2017 00:00:00 +0530 Mon, 11 Dec 2017 08:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352260 Agricultural land recorded in revenue records remained agricultural in character because no convincing material showed otherwise, and the assessee had not engaged in repeated or organised land dealings. Short holding period and a sharp rise in sale price were held insufficient, by themselves, to convert the sale into an adventure in the nature of trade. The absence of borrowed funds, prior or subsequent land trading, and other commercial indicators supported exemption rather than business taxation. As the underlying addition failed, the related penalty could not survive. Case-Laws Income Tax Wed, 06 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352260