https://www.taxtmi.com/caselaws?id=29165 Profit from the sale of agricultural land was treated as income from an adventure in the nature of trade because the totality of circumstances showed acquisition and sale with a profit-making intention, supported by the assessee's land development background and the absence of agricultural operations. The lands were accepted as agricultural lands, but that fact did not by itself make the surplus agricultural income. No legal restriction on transfer of such land was shown to negate trading character, and section 165 of the Madhya Pradesh Land Revenue Code, 1959 did not bar the transfers. The surplus was therefore held taxable and not exempt as agricultural income. en-us Thu, 11 Dec 1980 00:00:00 +0530 Thu, 11 Mar 2010 12:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29165 Profit from the sale of agricultural land was treated as income from an adventure in the nature of trade because the totality of circumstances showed acquisition and sale with a profit-making intention, supported by the assessee's land development background and the absence of agricultural operations. The lands were accepted as agricultural lands, but that fact did not by itself make the surplus agricultural income. No legal restriction on transfer of such land was shown to negate trading character, and section 165 of the Madhya Pradesh Land Revenue Code, 1959 did not bar the transfers. The surplus was therefore held taxable and not exempt as agricultural income. Case-Laws Income Tax Thu, 11 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29165