https://www.taxtmi.com/caselaws?id=353665 The court upheld the assessment orders, confirming the sale of agricultural land by a non-resident Indian as "income from business" rather than exempt from capital gains tax. The appellant's actions, including enhancing the land's saleability without engaging in agricultural activities, indicated a profit-making intention, leading the court to treat the transaction as an "adventure in the nature of trade." Consequently, the court dismissed the appeal, affirming the taxation of the profit from the land sale as business income under the Income Tax Act. en-us Thu, 07 Dec 2017 00:00:00 +0530 Tue, 09 Jan 2018 08:20:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353665 The court upheld the assessment orders, confirming the sale of agricultural land by a non-resident Indian as "income from business" rather than exempt from capital gains tax. The appellant's actions, including enhancing the land's saleability without engaging in agricultural activities, indicated a profit-making intention, leading the court to treat the transaction as an "adventure in the nature of trade." Consequently, the court dismissed the appeal, affirming the taxation of the profit from the land sale as business income under the Income Tax Act. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353665