https://www.taxtmi.com/caselaws?id=27819 The High Court determined that the income from the sale of sites, resulting from the development of land initially purchased as agricultural land, was assessable as business profits rather than capital gains. The Court found that the transaction constituted an adventure in the nature of trade based on the assessee's intentions and actions, including leaving the land fallow, obtaining non-agricultural use permission, and selling developed house sites. Consequently, the Court ruled in favor of the Revenue, holding that the income was taxable as business profits. en-us Mon, 23 Jul 1984 00:00:00 +0530 Tue, 16 Feb 2010 12:30:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27819 The High Court determined that the income from the sale of sites, resulting from the development of land initially purchased as agricultural land, was assessable as business profits rather than capital gains. The Court found that the transaction constituted an adventure in the nature of trade based on the assessee's intentions and actions, including leaving the land fallow, obtaining non-agricultural use permission, and selling developed house sites. Consequently, the Court ruled in favor of the Revenue, holding that the income was taxable as business profits. Case-Laws Income Tax Mon, 23 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27819