Income from agricultural land sale taxable as business Income as Assessee was dealing in properties

Afonso Real Estate Developers Vs. CIT (Bombay High Court) Mr. Rivonkar, the learned Senior Advocate for the appellant submits that the business of the appellant-assessee was to develop properties into plots or by constructing buildings and thereafter engage in the real estate business. He submits that the fact that the agricultural land was purchased in the year 1990 and the same was not even converted suggests that the appellant-assessee was not carrying on any business in relation to such property. He submits that on the basis of a single transaction of this nature, it could not have been h...