https://www.taxtmi.com/caselaws?id=284680 Agricultural land retained its character where revenue records described it as agricultural, the land was actually used for agriculture, and agricultural income had been disclosed in earlier years. Mere inclusion within HADA or HMDA limits, proximity to the airport, the purchaser's intention, or a high sale value did not by themselves convert it into a capital asset under section 2(14). Since the land had not been converted to non-agricultural use and did not fall within the specified municipal or notified limits, capital gains could not be charged. On the same reasoning, the receipt shown as agricultural income could not be treated as income from other sources. en-us Fri, 30 Aug 2013 00:00:00 +0530 Tue, 03 Dec 2019 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284680 Agricultural land retained its character where revenue records described it as agricultural, the land was actually used for agriculture, and agricultural income had been disclosed in earlier years. Mere inclusion within HADA or HMDA limits, proximity to the airport, the purchaser's intention, or a high sale value did not by themselves convert it into a capital asset under section 2(14). Since the land had not been converted to non-agricultural use and did not fall within the specified municipal or notified limits, capital gains could not be charged. On the same reasoning, the receipt shown as agricultural income could not be treated as income from other sources. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284680