https://www.taxtmi.com/caselaws?id=36481 Land must be assessed by its character on the date of sale for capital gains purposes. Revenue records showing agricultural character create a presumption that is not displaced by nearby development, future non-agricultural potential, or temporary brick-making activity. That presumption is rebutted only by cogent evidence of an actual prior change in user or character, which was not shown here. Permission under section 63 of the Bombay Tenancy and Agricultural Lands Act, 1948, does not by itself convert agricultural land into non-agricultural land. On that reasoning, the land remained agricultural on the sale date and was outside the capital gains charge. en-us Fri, 03 Oct 1980 00:00:00 +0530 Mon, 22 Mar 2010 15:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36481 Land must be assessed by its character on the date of sale for capital gains purposes. Revenue records showing agricultural character create a presumption that is not displaced by nearby development, future non-agricultural potential, or temporary brick-making activity. That presumption is rebutted only by cogent evidence of an actual prior change in user or character, which was not shown here. Permission under section 63 of the Bombay Tenancy and Agricultural Lands Act, 1948, does not by itself convert agricultural land into non-agricultural land. On that reasoning, the land remained agricultural on the sale date and was outside the capital gains charge. Case-Laws Income Tax Fri, 03 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36481