https://www.taxtmi.com/caselaws?id=32125 Land acquired from the assessee retained its character as agricultural land under section 2(14)(iii) of the Income-tax Act, 1961 because it was agricultural at both purchase and acquisition. The Court held that a future intention to use the land for industrial purposes did not alter its existing nature, and the mere absence of agricultural operations did not by itself convert agricultural land into non-agricultural land. The acquiring authority's intention was irrelevant, and the Tribunal's contrary view was found perverse because it conflicted with its own factual findings. The land therefore remained agricultural, with the consequence that capital gains treatment did not apply. en-us Fri, 09 Jan 2009 00:00:00 +0530 Sat, 08 Nov 2025 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32125 Land acquired from the assessee retained its character as agricultural land under section 2(14)(iii) of the Income-tax Act, 1961 because it was agricultural at both purchase and acquisition. The Court held that a future intention to use the land for industrial purposes did not alter its existing nature, and the mere absence of agricultural operations did not by itself convert agricultural land into non-agricultural land. The acquiring authority's intention was irrelevant, and the Tribunal's contrary view was found perverse because it conflicted with its own factual findings. The land therefore remained agricultural, with the consequence that capital gains treatment did not apply. Case-Laws Income Tax Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32125