Amount received from transfer of agricultural land eligible for tax exemption

G.N. Venugopal Vs ACIT (ITAT Bangalore) Conclusion: Merely because of the fact that the land was sold for profit, it could not be held that income arising from the sale of land was taxable as profit arising from the adventure in the nature of trade. Where land was not subjected to any conversion as non-agricultural land by assessee transferred such agricultural land as it was and where it was basis, in such circumstances, such transfer could not be considered as a transfer of capital asset or the transaction relating to sale of land was not an adventure in the nature of trade so as to tax the ...