https://www.taxtmi.com/caselaws?id=770901 Enhanced compensation on acquisition of land was treated as taxable because the land was found to be part of a profit-oriented joint venture and not rural agricultural land used for agricultural purposes. The surrounding facts showed an intention to resell the property for profit, and no material established actual agricultural activity. On that basis, the land was characterised as stock-in-trade, so exemption under section 10(37) of the Income-tax Act, 1961 was unavailable and the exemption claim was rejected. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770901 Enhanced compensation on acquisition of land was treated as taxable because the land was found to be part of a profit-oriented joint venture and not rural agricultural land used for agricultural purposes. The surrounding facts showed an intention to resell the property for profit, and no material established actual agricultural activity. On that basis, the land was characterised as stock-in-trade, so exemption under section 10(37) of the Income-tax Act, 1961 was unavailable and the exemption claim was rejected. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770901