Case Law Details
Case Name : Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court)
Related Assessment Year : 2009-10
Courts :
All High Courts Gujarat High Court
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Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court)
on plain reading of Section 2(14) of the Act, if the “agriculture land” as mentioned in Section 2(14)(iii) is sold, the assessee shall be entitled to claim exemption on profit earned on sale of agricultural land as per Section 2(14) read with Section 45 of the Act, unless it is established and proved that the transaction carried out was “adventure in the nature of trade” and the profit thus required to be taxed as business income. On appreciation o
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