https://www.taxtmi.com/caselaws?id=282589 The ITAT upheld the CIT(A) order, determining that the profit from the sale of agricultural land should be treated as business income due to the appellant's commercial and profit-driven intentions. The appellant's involvement in converting the land for non-agricultural use and receiving payment directly from builders indicated a business motive rather than an investment intention. The court emphasized the significance of intention, actual use, and surrounding circumstances in classifying the nature of the land and the transaction, ultimately dismissing the assessee's appeal. en-us Tue, 09 Aug 2016 00:00:00 +0530 Wed, 14 Aug 2019 06:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282589 The ITAT upheld the CIT(A) order, determining that the profit from the sale of agricultural land should be treated as business income due to the appellant's commercial and profit-driven intentions. The appellant's involvement in converting the land for non-agricultural use and receiving payment directly from builders indicated a business motive rather than an investment intention. The court emphasized the significance of intention, actual use, and surrounding circumstances in classifying the nature of the land and the transaction, ultimately dismissing the assessee's appeal. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282589