https://www.taxtmi.com/caselaws?id=303442 The court upheld the decision to tax the profit from land sale as business income, considering the firm's trading activities and lack of evidence supporting agricultural land exemption. The appellant's arguments for tax exemption based on the lands being beyond municipal limits were rejected, emphasizing the firm's trading nature and profit-making motive. The judgment confirmed the profit as business income due to the firm's land dealing business, numerous land transactions, and absence of agricultural activities or income, leading to the dismissal of the appeal. en-us Wed, 30 Dec 2015 00:00:00 +0530 Sat, 23 Jul 2022 09:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303442 The court upheld the decision to tax the profit from land sale as business income, considering the firm's trading activities and lack of evidence supporting agricultural land exemption. The appellant's arguments for tax exemption based on the lands being beyond municipal limits were rejected, emphasizing the firm's trading nature and profit-making motive. The judgment confirmed the profit as business income due to the firm's land dealing business, numerous land transactions, and absence of agricultural activities or income, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 30 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303442