https://www.taxtmi.com/caselaws?id=310874 Revenue records, 7/12 extracts, land revenue receipts, and evidence of agricultural activity established that the land retained its agricultural character, and the absence of any conversion to non-agricultural use supported that finding. Limited cultivation, fallow portions, or income not commensurate with the extent of land did not by themselves change the character of the property. The land was therefore outside the definition of capital asset under section 2(14)(iii), and the long-term capital gains addition could not be sustained. en-us Tue, 02 May 2023 00:00:00 +0530 Wed, 22 Nov 2023 21:26:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310874 Revenue records, 7/12 extracts, land revenue receipts, and evidence of agricultural activity established that the land retained its agricultural character, and the absence of any conversion to non-agricultural use supported that finding. Limited cultivation, fallow portions, or income not commensurate with the extent of land did not by themselves change the character of the property. The land was therefore outside the definition of capital asset under section 2(14)(iii), and the long-term capital gains addition could not be sustained. Case-Laws Income Tax Tue, 02 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310874