https://www.taxtmi.com/caselaws?id=285248 Transfer of agricultural land purchased as an investment was not treated as business income where the assessee did not develop, plot, or otherwise trade in the land, and the surrounding circumstances did not show an adventure in the nature of trade. The land remained agricultural in the revenue record and was situated beyond the municipal limits, while conversion for non-agricultural use was carried out only by the purchaser after transfer. On these facts, the profit from sale was not assessable as business income, and the gain was not taxable in the assessee's hands for the year under appeal. en-us Fri, 29 May 2015 00:00:00 +0530 Sun, 05 Jan 2020 09:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285248 Transfer of agricultural land purchased as an investment was not treated as business income where the assessee did not develop, plot, or otherwise trade in the land, and the surrounding circumstances did not show an adventure in the nature of trade. The land remained agricultural in the revenue record and was situated beyond the municipal limits, while conversion for non-agricultural use was carried out only by the purchaser after transfer. On these facts, the profit from sale was not assessable as business income, and the gain was not taxable in the assessee's hands for the year under appeal. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285248