https://www.taxtmi.com/caselaws?id=467238 Conversion of agricultural land into residential plots was held to be a capital-gain event governed by section 45(2), while the subsequent development, provision of infrastructure and multiple sales of the converted plots amounted to an adventure in the nature of trade and thus business income; the Tribunal directed restoration to the Assessing Officer for fresh computation of capital gain on conversion and separate computation of business income on later sales after affording opportunity to the assessee. The Tribunal moderated an ad-hoc disallowance for claimed 'soil' and 'pathai' expenses to specified amounts. en-us Mon, 20 Mar 2017 00:00:00 +0530 Wed, 11 Mar 2026 14:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467238 Conversion of agricultural land into residential plots was held to be a capital-gain event governed by section 45(2), while the subsequent development, provision of infrastructure and multiple sales of the converted plots amounted to an adventure in the nature of trade and thus business income; the Tribunal directed restoration to the Assessing Officer for fresh computation of capital gain on conversion and separate computation of business income on later sales after affording opportunity to the assessee. The Tribunal moderated an ad-hoc disallowance for claimed 'soil' and 'pathai' expenses to specified amounts. Case-Laws Income Tax Mon, 20 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467238