https://www.taxtmi.com/caselaws?id=456479 Land shown in revenue records as agricultural or cultivable, remaining outside municipal limits and never converted for non-agricultural use, was treated as agricultural land on a cumulative appraisal of all relevant facts; the sale gain was therefore not chargeable as capital gains and, on those facts, was not includible in book profit under section 115JB. A small existing structure on a negligible portion did not alter the character of the whole property, and the absence of declared agricultural income was not conclusive. However, an amount received under a compromise, settlement and withdrawal of litigation was not treated as sale consideration for the agricultural land, so it did not qualify for exemption and was taxable. en-us Tue, 15 May 2018 00:00:00 +0530 Mon, 29 Jul 2024 20:13:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456479 Land shown in revenue records as agricultural or cultivable, remaining outside municipal limits and never converted for non-agricultural use, was treated as agricultural land on a cumulative appraisal of all relevant facts; the sale gain was therefore not chargeable as capital gains and, on those facts, was not includible in book profit under section 115JB. A small existing structure on a negligible portion did not alter the character of the whole property, and the absence of declared agricultural income was not conclusive. However, an amount received under a compromise, settlement and withdrawal of litigation was not treated as sale consideration for the agricultural land, so it did not qualify for exemption and was taxable. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456479