https://www.taxtmi.com/caselaws?id=471367 Unrebutted revenue classification, cultivation records, agricultural receipts and related evidence establish land's agricultural character. Surrounding commercial development, the purchaser's intended use and an isolated sale without development or fragmentation do not convert it into a capital asset or a business venture; long-term capital gains exemption consequently applies. Documented agricultural income cannot be treated as unexplained cash credit without contrary material. A de novo assessment following annulment of a best-judgment assessment permits examination of cash deposits. However, cash-deposit and peak-bank-credit additions require substantiation and verification of the asserted sources, including land-sale proceeds and professional income, before fresh determination. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 01 Sep 2026 11:23:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471367 Unrebutted revenue classification, cultivation records, agricultural receipts and related evidence establish land's agricultural character. Surrounding commercial development, the purchaser's intended use and an isolated sale without development or fragmentation do not convert it into a capital asset or a business venture; long-term capital gains exemption consequently applies. Documented agricultural income cannot be treated as unexplained cash credit without contrary material. A de novo assessment following annulment of a best-judgment assessment permits examination of cash deposits. However, cash-deposit and peak-bank-credit additions require substantiation and verification of the asserted sources, including land-sale proceeds and professional income, before fresh determination. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471367