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Capital gains or business income

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 February 2016 Hi friends,
I need a clarification regarding conversion of agricultural land into plots. One of my assessee purchased Ac.4-06 cents of agricultural land in 1997. Due to land being in the vicinity of town he sold the land by making plots in the year 2012-13.Whether the transaction amounts to "Adventure in the nature of trade" or "Long Term Capital Gains". Assessee is not in the habit of doing this kind of business till date.Please give reply as soon as possible quoting recent caselaws.

Thanking you
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 February 2016 In my opinion Long Term Capital Gain is applicable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 February 2016 Thank u for ur reply sir. But I need atleast one case law to support the above mentioned case. Please send if available with you.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 February 2016 Capital gains. Inference is from B. Narasimha Reddy Vs. ITO (1993) 47 ITD 398 (Hyd).

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