https://www.taxtmi.com/caselaws?id=391157 Land converted into a farm house scheme was held to have lost its agricultural character because the permitted use after conversion was limited to low-coverage residential construction. The decisive test was the actual character and intended user of the land on the date of transfer, not its past agricultural description or revenue records. On those facts, the land was no longer agricultural land for the exclusion under section 2(14) of the Income-tax Act, so it formed part of a capital asset and the capital gains addition was sustained. en-us Fri, 20 Dec 2019 00:00:00 +0530 Tue, 21 Jan 2020 08:16:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391157 Land converted into a farm house scheme was held to have lost its agricultural character because the permitted use after conversion was limited to low-coverage residential construction. The decisive test was the actual character and intended user of the land on the date of transfer, not its past agricultural description or revenue records. On those facts, the land was no longer agricultural land for the exclusion under section 2(14) of the Income-tax Act, so it formed part of a capital asset and the capital gains addition was sustained. Case-Laws Income Tax Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391157