https://www.taxtmi.com/caselaws?id=20908 The Tribunal held that profits from the sale of agricultural land are exempt from tax under the Income-tax Act as revenue derived from agricultural activities. The judgment affirmed that income from the sale of agricultural land does not constitute business income or capital gains, as the land was used for agricultural purposes. The Revenue's argument that the land was acquired for business reasons was dismissed due to lack of evidence. The decision favored the assessee, ruling against the Revenue, with no costs awarded. en-us Fri, 25 Sep 1992 00:00:00 +0530 Wed, 18 Nov 2009 10:31:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20908 The Tribunal held that profits from the sale of agricultural land are exempt from tax under the Income-tax Act as revenue derived from agricultural activities. The judgment affirmed that income from the sale of agricultural land does not constitute business income or capital gains, as the land was used for agricultural purposes. The Revenue's argument that the land was acquired for business reasons was dismissed due to lack of evidence. The decision favored the assessee, ruling against the Revenue, with no costs awarded. Case-Laws Income Tax Fri, 25 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20908