Tax Court Rules Land Sale Income as Trade; Affects Taxation of Converted Agricultural Land Under Real Estate Agreement.

Tax Court Rules Land Sale Income as Trade; Affects Taxation of Converted Agricultural Land Under Real Estate Agreement. https://www.taxtmi.com/highlights?id=52071 Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement with REHWS - the activity carried by the assessee is ‘adventure in the nature of trade’ - AT en-us Sat, 29 Feb 2020 11:43:48 +0530 Sat, 29 Feb 2020 11:43:48 +0530 TaxTMI RSS Generator Tax Court Rules Land Sale Income as Trade; Affects Taxation of Converted Agricultural Land Under Real Estate Agreement. https://www.taxtmi.com/highlights?id=52071 Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement with REHWS - the activity carried by the assessee is ‘adventure in the nature of trade’ - AT Highlights Income Tax Sat, 29 Feb 2020 11:43:48 +0530 https://www.taxtmi.com/highlights?id=52071