https://www.taxtmi.com/caselaws?id=15181 Land sold through a commercial arrangement was held not to retain its agricultural character at the time of transfer, because the facts showed stock-in-trade treatment, absence of agricultural operations, use of square-yard measurements, and partnership terms consistent with a trading venture. On that factual basis, the sale proceeds were treated as taxable income rather than agricultural income. The constitutional challenge to the Explanation in section 2(1A) of the Income-tax Act was not examined because the character of the land itself was ative, and the assessment was sustained on merits. en-us Wed, 30 Apr 1997 00:00:00 +0530 Mon, 03 Aug 2009 15:34:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15181 Land sold through a commercial arrangement was held not to retain its agricultural character at the time of transfer, because the facts showed stock-in-trade treatment, absence of agricultural operations, use of square-yard measurements, and partnership terms consistent with a trading venture. On that factual basis, the sale proceeds were treated as taxable income rather than agricultural income. The constitutional challenge to the Explanation in section 2(1A) of the Income-tax Act was not examined because the character of the land itself was ative, and the assessment was sustained on merits. Case-Laws Income Tax Wed, 30 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15181