https://www.taxtmi.com/caselaws?id=29648 Profit on sale of agricultural land is taxable as business income where the surrounding facts show a commercial venture or adventure in the nature of trade, including repeated steps to secure non-agricultural use and develop the property. The character of the transaction is determined from the totality of relevant facts, and land held and dealt with as part of a business activity does not retain a mere investment character. Restrictions under the Madhya Pradesh Land Revenue Code were not shown to prohibit such a transfer, and sale proceeds did not meet the statutory definition of agricultural income. The surplus was therefore treated as taxable business income, not exempt agricultural income. en-us Thu, 11 Dec 1980 00:00:00 +0530 Mon, 15 Mar 2010 13:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29648 Profit on sale of agricultural land is taxable as business income where the surrounding facts show a commercial venture or adventure in the nature of trade, including repeated steps to secure non-agricultural use and develop the property. The character of the transaction is determined from the totality of relevant facts, and land held and dealt with as part of a business activity does not retain a mere investment character. Restrictions under the Madhya Pradesh Land Revenue Code were not shown to prohibit such a transfer, and sale proceeds did not meet the statutory definition of agricultural income. The surplus was therefore treated as taxable business income, not exempt agricultural income. Case-Laws Income Tax Thu, 11 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29648