https://www.taxtmi.com/caselaws?id=56213 The character of land for capital gains purposes is determined on the totality of surrounding facts, with revenue records creating a strong but rebuttable presumption of agricultural character. Here, the land remained recorded as agricultural land, land revenue was paid on that basis, some agricultural user was shown over the years, and no conversion to non-agricultural use was sought. Competing factors such as municipal location, surrounding development, limited agricultural income, and later plantation did not outweigh the consistent revenue entries and overall treatment of the land. Accordingly, the land retained its agricultural character up to the date of sale and the surplus was not chargeable to capital gains tax. en-us Wed, 18 May 1988 00:00:00 +0530 Thu, 02 Dec 2010 13:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56213 The character of land for capital gains purposes is determined on the totality of surrounding facts, with revenue records creating a strong but rebuttable presumption of agricultural character. Here, the land remained recorded as agricultural land, land revenue was paid on that basis, some agricultural user was shown over the years, and no conversion to non-agricultural use was sought. Competing factors such as municipal location, surrounding development, limited agricultural income, and later plantation did not outweigh the consistent revenue entries and overall treatment of the land. Accordingly, the land retained its agricultural character up to the date of sale and the surplus was not chargeable to capital gains tax. Case-Laws Income Tax Wed, 18 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56213