Character of land at the time of sale relevant to consider nature of income, period of holding not relevant

Brief of the Case: In the case of  Smt. C. Vijay Kumari vs.ITO the Hyderabad ITAT has held that addition made by AO to the total income of the assessee on account of profit arising from sale of agricultural land treating the same as business income instead of capital gains claimed by the assessee as exempt from tax for being the land as agriculture land. Tribunal vide its order dated 28.8.2014 decided similar issue in favour of the assessee, holding that the land sold by the said assessees were agricultural lands, and therefore, the profits arising from the transfer of such lands, was not c...