Profit from Sale of Agricultural Land after conversion into non-agricultural land is taxable

Sunil Bansal Vs ACIT (Rajasthan High Court) There is no dispute that there are 16 transactions of purchase of the lands during the financial year relevant to the assessment year under consideration and equal number of transactions of sale by the assessee. On careful analysis of these details, it could be noted that some of the lands purchased during the year were also sold during the same year and even within a period of less than one month. It is evident from these details that the land purchased during the year bearing khasra No. 424/5 on 31/5/2007 was sold on 30/6/2007. Therefore, the said ...