https://www.taxtmi.com/caselaws?id=273807 The Tribunal ruled in favor of the assessee, determining that the profit from the sale of land should not be taxed as business income but as exempt from capital gains tax. The Tribunal found the land to be agricultural based on revenue records and agricultural activities conducted on the land. Additionally, it concluded that the transaction was not an adventure in the nature of trade but an investment due to favorable market conditions and the assessee's primary engagement in building and flat promotion business. The AO was directed to treat the gain as agricultural income. en-us Fri, 17 Feb 2017 00:00:00 +0530 Mon, 16 Jul 2018 08:05:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273807 The Tribunal ruled in favor of the assessee, determining that the profit from the sale of land should not be taxed as business income but as exempt from capital gains tax. The Tribunal found the land to be agricultural based on revenue records and agricultural activities conducted on the land. Additionally, it concluded that the transaction was not an adventure in the nature of trade but an investment due to favorable market conditions and the assessee's primary engagement in building and flat promotion business. The AO was directed to treat the gain as agricultural income. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273807