https://www.taxtmi.com/caselaws?id=470183 Agricultural land outside the areas and distances specified in Section 2(14)(iii), recorded as agricultural in revenue records, actually cultivated, and not converted to non-agricultural use is not a capital asset. Its character is not altered by sale to a real-estate developer, location in a developed area, sale price, or potential non-agricultural value. The notes state that gains from both paddy and non-paddy land were exempt. A short holding period does not alone establish an adventure in the nature of trade; recording land as investment may demonstrate investment intent, and a land dealer may hold separate investment and trading portfolios. No contrary material was identified to displace the investment character. en-us Tue, 18 Mar 2025 00:00:00 +0530 Sat, 18 Jul 2026 20:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470183 Agricultural land outside the areas and distances specified in Section 2(14)(iii), recorded as agricultural in revenue records, actually cultivated, and not converted to non-agricultural use is not a capital asset. Its character is not altered by sale to a real-estate developer, location in a developed area, sale price, or potential non-agricultural value. The notes state that gains from both paddy and non-paddy land were exempt. A short holding period does not alone establish an adventure in the nature of trade; recording land as investment may demonstrate investment intent, and a land dealer may hold separate investment and trading portfolios. No contrary material was identified to displace the investment character. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470183