2005 (7) TMI 574

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....res of agricultural lands, which were purchased in the year 1951. In the middle of 1990, the assessee was forced to sell his lands apprehending compulsory acquisition by the Government or encroachment, etc. The learned counsel for assessee submitted the assessee decided to sell the land and entrusted the work of converting agricultural land into non-agricultural for the purpose of laying down saleable plots to one Parekh on commission basis. The plots were then sold for consideration. The learned counsel for assessee further submitted that the transaction cannot be treated as business and there is no element of adventure in the nature of trade. Therefore, treating income derived by the assessee as business income is not justified. The land ....

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....gion : Lingayat Gavali, Occ. : Business and Agriculturist, R/o Bijapur Vendor : Belaji Malhari Gayakawad, Age : 41, Caste Maratha, Business and Agril., R/o Bijapur, Execute this sale deed : The land situated in village Mahalbagayat, R.S. No. 89, measuring 17 acres 11 gunthas, assessed at Rs. 1-00 in Taluka and Distt. Bijapur is owned by executant. This land was acquired in a family partition and personally cultivated and in occupation of vendor. As the vendor is in family difficulty, so in order to meet the family needs. The vendor had taken for sale. The sale price is highest in the market. So also the vendee offered at a highest price of Rs. 1,500. So the vendor had agreed to sell the land by a deed of out and out sal....