https://www.taxtmi.com/caselaws?id=295342 Land recorded in revenue records as agricultural, supported by RTC extracts, encumbrance records, revenue certificates and evidence of cultivation, retained its agricultural character at the date of sale. A preliminary conversion permission did not by itself establish non-agricultural use, especially where its conditions were not fulfilled and final conversion was not shown. The purchaser's intended use and subsequent steps were not determinative of the land's character in the sellers' hands. On these facts, the land was not a capital asset and the sale proceeds were not chargeable to capital gains tax. en-us Fri, 26 Apr 2019 00:00:00 +0530 Mon, 31 May 2021 08:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295342 Land recorded in revenue records as agricultural, supported by RTC extracts, encumbrance records, revenue certificates and evidence of cultivation, retained its agricultural character at the date of sale. A preliminary conversion permission did not by itself establish non-agricultural use, especially where its conditions were not fulfilled and final conversion was not shown. The purchaser's intended use and subsequent steps were not determinative of the land's character in the sellers' hands. On these facts, the land was not a capital asset and the sale proceeds were not chargeable to capital gains tax. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295342