https://www.taxtmi.com/caselaws?id=789974 Section 153C proceedings require incriminating material belonging to another person and having a live nexus with the relevant assessment year; mere references to deeds or miscellaneous papers, without evidence of concealment or linkage to the year, do not justify disturbing a completed assessment. On that basis, the initiation under Section 153C was held invalid and the assessment vitiated. Profit from a single sale of rural agricultural land situated beyond the statutory municipal limits was treated as outside the definition of capital asset, and the transaction was not characterised as an adventure in the nature of trade; the receipt was therefore not taxable as business income or capital gains. en-us Mon, 13 Apr 2026 00:00:00 +0530 Fri, 17 Apr 2026 08:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789974 Section 153C proceedings require incriminating material belonging to another person and having a live nexus with the relevant assessment year; mere references to deeds or miscellaneous papers, without evidence of concealment or linkage to the year, do not justify disturbing a completed assessment. On that basis, the initiation under Section 153C was held invalid and the assessment vitiated. Profit from a single sale of rural agricultural land situated beyond the statutory municipal limits was treated as outside the definition of capital asset, and the transaction was not characterised as an adventure in the nature of trade; the receipt was therefore not taxable as business income or capital gains. Case-Laws Income Tax Mon, 13 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789974