Assessee purchased a parcel of land. Assessing Officer held that land was barren and could not be used for raising any crops or trees.He also  held that land had been purchased with an intention to resell, considering business potential of surrounding area, and treated transaction as an adventure in nature of trade as assessed as as business income. On appeal the Tribunal held that the land in question had always been classified as agricultural land in revenue records.It further noted that as per revenue records, agricultural activities were being carried out on said land.It also noted that assessee had produced Electricity Board receipts, which showed that assessee had been granted subsidy on electricity charges. It also noted that land test report was also furnished mentioning soil content and nature of crop which could be grown on land. It further noted that agricultural income receipts and ploughing expense receipts were also placed on record.The Assessing Oficer had not placed on record any document to rebut evidence placed on record by assessee and, have assumed that land was acquired as a part of real-estate business to reap benefits of commercialisation.  Tribunal held that the assessee had rightly shown the sale cconsideration as exempt. On appeal the order of tribunal is affirmed. (AY. 2007-08)