https://www.taxtmi.com/caselaws?id=25629 Sale proceeds from agricultural land acquired under land acquisition proceedings constitute a capital receipt, not agricultural income. Profit or gain from selling land is derived from the sale of the land rather than from its agricultural use. Such gain is taxable only because capital gains are included within income and specifically charged under the Income-tax Act. Agricultural use of the land does not alter the character of sale proceeds into agricultural income. The stated conclusion answers the issue negatively, treating the receipt as capital in nature and not exempt agricultural income. en-us Mon, 06 Apr 1987 00:00:00 +0530 Fri, 29 Jan 2010 18:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25629 Sale proceeds from agricultural land acquired under land acquisition proceedings constitute a capital receipt, not agricultural income. Profit or gain from selling land is derived from the sale of the land rather than from its agricultural use. Such gain is taxable only because capital gains are included within income and specifically charged under the Income-tax Act. Agricultural use of the land does not alter the character of sale proceeds into agricultural income. The stated conclusion answers the issue negatively, treating the receipt as capital in nature and not exempt agricultural income. Case-Laws Income Tax Mon, 06 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25629