https://www.taxtmi.com/caselaws?id=36400 The court ruled in favor of the assessee, determining that the land sold was agricultural and therefore not considered a capital asset under section 2(14) of the Income Tax Act, 1961. As a result, the excess realization from the land sale was not chargeable to capital gains. The court emphasized that the key factor for classification as agricultural land was the nature of operations conducted on the land, rather than the purpose of those activities. Justice Sudhindra Mohan Guha concurred with the judgment. en-us Tue, 13 May 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36400 The court ruled in favor of the assessee, determining that the land sold was agricultural and therefore not considered a capital asset under section 2(14) of the Income Tax Act, 1961. As a result, the excess realization from the land sale was not chargeable to capital gains. The court emphasized that the key factor for classification as agricultural land was the nature of operations conducted on the land, rather than the purpose of those activities. Justice Sudhindra Mohan Guha concurred with the judgment. Case-Laws Income Tax Tue, 13 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36400