https://www.taxtmi.com/caselaws?id=468737 Agricultural land sold to a non-agriculturist for intended industrial use did not cease to be agricultural land merely because the purchaser obtained permission for such use. The Tribunal applied the principle that the seller's land character is not altered by the buyer's status or proposed non-agricultural use, and that a transfer contrary to State restrictions or a later change in use does not by itself convert agricultural land into a capital asset. On the recorded facts, the land was described in the sale deed and revenue records as agricultural land and was situated beyond the prescribed municipal limits, so the capital gains addition was held unsustainable. en-us Thu, 22 Aug 2024 00:00:00 +0530 Tue, 19 May 2026 18:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468737 Agricultural land sold to a non-agriculturist for intended industrial use did not cease to be agricultural land merely because the purchaser obtained permission for such use. The Tribunal applied the principle that the seller's land character is not altered by the buyer's status or proposed non-agricultural use, and that a transfer contrary to State restrictions or a later change in use does not by itself convert agricultural land into a capital asset. On the recorded facts, the land was described in the sale deed and revenue records as agricultural land and was situated beyond the prescribed municipal limits, so the capital gains addition was held unsustainable. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468737