AO must prove that sale of agricultural land is in the nature of trade to tax gain as business income

Pr. CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court)

Conclusion- Sale of Agricultural Land by the assessee was not ‘adventure in the nature of trade’ and therefore, profit earned on such sales cannot be taxed as business income.

Facts –

AO noticed that assessee has shown profit of INR 68,18,600 on sale of agricultural land, however, it was claimed as exempt on the ground that the land is not capital asse

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