https://www.taxtmi.com/caselaws?id=470183 Agricultural land outside the statutory urban limits is not a capital asset where it is recorded as agricultural land, actually used for cultivation, and not converted to non-agricultural use. Revenue-record classification creates a rebuttable presumption; sale to real-estate developers, location in a developed area, sale price, or potential non-agricultural value does not by itself alter the land's agricultural character. Gains from both paddy and non-paddy land were therefore treated as exempt. A short holding period also does not alone establish an adventure in the nature of trade. Land held as investment may remain distinct from a land dealer's trading portfolio unless contrary material disproves the investment intention. 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 statutory urban limits is not a capital asset where it is recorded as agricultural land, actually used for cultivation, and not converted to non-agricultural use. Revenue-record classification creates a rebuttable presumption; sale to real-estate developers, location in a developed area, sale price, or potential non-agricultural value does not by itself alter the land's agricultural character. Gains from both paddy and non-paddy land were therefore treated as exempt. A short holding period also does not alone establish an adventure in the nature of trade. Land held as investment may remain distinct from a land dealer's trading portfolio unless contrary material disproves the investment intention. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470183