Agricultural land purchased without an adventure in the nature of trade is not a capital asset

Brief of the case: ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain. Moreover as the land purchased by the assessee was an agricultural land in the revenue records which was further leased by the assessee to an another person for agricultural purposes. The assessee had also shown its income from agricultural purposes as it received rent from the leased land. So from the above facts ...