https://www.taxtmi.com/caselaws?id=18849 Compensation for acquired agricultural land was treated as a capital receipt and not as business profits because the land had remained agricultural, with no evidence of development, plotting or conversion into trading stock before acquisition. The amended Explanation to the definition of agricultural income was not applied beyond the assessment years for which the Legislature had expressly given it effect, so the compensation was not treated as exempt agricultural income on that basis. Issuance of acquisition notifications did not, on the facts found, change the character of the land, though that point was treated as academic. Income from one-half of the property at 16, Aurangzeb Road was assessable under the head "Property". en-us Thu, 14 Sep 1995 00:00:00 +0530 Mon, 02 Nov 2009 13:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18849 Compensation for acquired agricultural land was treated as a capital receipt and not as business profits because the land had remained agricultural, with no evidence of development, plotting or conversion into trading stock before acquisition. The amended Explanation to the definition of agricultural income was not applied beyond the assessment years for which the Legislature had expressly given it effect, so the compensation was not treated as exempt agricultural income on that basis. Issuance of acquisition notifications did not, on the facts found, change the character of the land, though that point was treated as academic. Income from one-half of the property at 16, Aurangzeb Road was assessable under the head "Property". Case-Laws Income Tax Thu, 14 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18849