Gain from Agricultural Land sale after Plotting Taxable as Business Income

Shri Deepak Awatram Valecha Vs ITO (ITAT Mumbai) From the record we found that six plots of agriculture land was bought by the assessee with eight other persons. These plots of land were held for lease by owner and thereafter sold and profit accruing there on was claimed as exempt being income from sale of agricultural land. After analyzing the factual position, the lower authorities reached to the conclusion that intention of the assessee was to earn profit rather than investing in the agricultural land to be used for agricultural purposes. It was also observed that assessee was not at all in...