Income on Agricultural land sale cannot be treated as business gain merely for higher volume of sale consideration

Advertisement Shailesh Gangaram Ramani Vs. ITO (ITAT Rajkot) Basic point which weigh with the ld.CIT(A) for treating the assessee partly as trader is the fact that the increase in sale price is 800%. In other words, volume of profit resulted to the assessee persuaded the ld.CIT(A) to habour a belief that the land purchased in the year of 2007 and sold after 15-16 months is to be treated as a trade asset. No doubt the profit on transfer of alleged agriculture land was quite high. But this is one of the corroborative evidences, amongst other, propounded in various case laws noticed by us. Mer...