https://www.taxtmi.com/caselaws?id=35881 The court held that the profit earned from the sale of agricultural land by the assessee constituted business income rather than capital gains. The court determined that the intention to develop and sell the land for profit established a business venture, aligning with established legal precedents. The court ruled in favor of the revenue, concluding that the transactions were in the nature of trade or business for the assessment years 1970-71, 1971-72, and 1972-73. en-us Mon, 02 Mar 1981 00:00:00 +0530 Wed, 17 Mar 2010 15:40:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35881 The court held that the profit earned from the sale of agricultural land by the assessee constituted business income rather than capital gains. The court determined that the intention to develop and sell the land for profit established a business venture, aligning with established legal precedents. The court ruled in favor of the revenue, concluding that the transactions were in the nature of trade or business for the assessment years 1970-71, 1971-72, and 1972-73. Case-Laws Income Tax Mon, 02 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35881