https://www.taxtmi.com/caselaws?id=38974 Land developed into plots for sale did not, on these facts, amount to an adventure in the nature of trade; the activity was treated as realisation of capital investment, so the surplus was not revenue profit. The finding that the lands remained agricultural in the relevant assessment year was upheld on the basis of the record, with the result that they fell outside the capital asset category to that extent. The disclosed sale consideration was also accepted as the actual consideration because there was no positive evidence of undervaluation and the purchasers supported the recorded amounts. en-us Tue, 23 Mar 1976 00:00:00 +0530 Sat, 10 Apr 2010 17:04:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38974 Land developed into plots for sale did not, on these facts, amount to an adventure in the nature of trade; the activity was treated as realisation of capital investment, so the surplus was not revenue profit. The finding that the lands remained agricultural in the relevant assessment year was upheld on the basis of the record, with the result that they fell outside the capital asset category to that extent. The disclosed sale consideration was also accepted as the actual consideration because there was no positive evidence of undervaluation and the purchasers supported the recorded amounts. Case-Laws Income Tax Tue, 23 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38974