https://www.taxtmi.com/caselaws?id=57838 Surplus from sale of agricultural and plantation land was not taxable as business income because the land retained its agricultural character, had been held for a long period, and was used for cultivation with supporting revenue records. Mere subdivision into plots and sale, without conversion for non-agricultural use or evidence of a trading design, did not establish an adventure in the nature of trade. The decisive factors were the intention at acquisition, the nature of the land, the absence of conversion, and the department's failure to prove trading operations. The surplus was therefore treated as arising from a capital asset. en-us Fri, 06 Dec 2002 00:00:00 +0530 Mon, 13 Dec 2010 18:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57838 Surplus from sale of agricultural and plantation land was not taxable as business income because the land retained its agricultural character, had been held for a long period, and was used for cultivation with supporting revenue records. Mere subdivision into plots and sale, without conversion for non-agricultural use or evidence of a trading design, did not establish an adventure in the nature of trade. The decisive factors were the intention at acquisition, the nature of the land, the absence of conversion, and the department's failure to prove trading operations. The surplus was therefore treated as arising from a capital asset. Case-Laws Income Tax Fri, 06 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57838