https://www.taxtmi.com/caselaws?id=27612 Land classification for capital gains depends on the totality of objective circumstances, with particular weight given to actual agricultural user, revenue-record classification, intended use, physical situation, surrounding development, and conversion status. Actual agricultural use creates a presumption that the land retains agricultural character unless stronger contrary factors displace it. On the stated facts, the land remained classified as agricultural in the revenue records, agricultural operations continued up to the relevant accounting year, no non-agricultural conversion had taken place, and sale as one unit did not displace that presumption. The land was therefore treated as agricultural land and not as non-agricultural land for capital gains purposes. en-us Tue, 21 Feb 1984 00:00:00 +0530 Mon, 15 Feb 2010 10:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27612 Land classification for capital gains depends on the totality of objective circumstances, with particular weight given to actual agricultural user, revenue-record classification, intended use, physical situation, surrounding development, and conversion status. Actual agricultural use creates a presumption that the land retains agricultural character unless stronger contrary factors displace it. On the stated facts, the land remained classified as agricultural in the revenue records, agricultural operations continued up to the relevant accounting year, no non-agricultural conversion had taken place, and sale as one unit did not displace that presumption. The land was therefore treated as agricultural land and not as non-agricultural land for capital gains purposes. Case-Laws Income Tax Tue, 21 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27612