https://www.taxtmi.com/caselaws?id=26571 Compensation received on compulsory acquisition of agricultural land was not assessable as business profits because the land had remained agricultural and had not been converted into stock-in-trade or plots for business use. It was also not agricultural income, but the receipt was not taxable as capital gains because agricultural land fell outside the definition of capital asset. Income from the assessee's one-half share in the property at 16, Aurangzeb Road was assessable under the head 'Property' by following the earlier decision, and that issue was decided against the assessee. en-us Thu, 09 Aug 1984 00:00:00 +0530 Sat, 06 Feb 2010 11:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26571 Compensation received on compulsory acquisition of agricultural land was not assessable as business profits because the land had remained agricultural and had not been converted into stock-in-trade or plots for business use. It was also not agricultural income, but the receipt was not taxable as capital gains because agricultural land fell outside the definition of capital asset. Income from the assessee's one-half share in the property at 16, Aurangzeb Road was assessable under the head 'Property' by following the earlier decision, and that issue was decided against the assessee. Case-Laws Income Tax Thu, 09 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26571