Dismissing the appeal of the assessee the Court held that ; Conversion of agricultural land into residential plots and sale of residential plots -Consideration over fair market value to be assessed as business income . No question of law .( AY.2011-12)
Mahaveer Yadav v. ITO (2018) 408 ITR 19 (Raj) (HC)
S.28(i):Business income — Capital gains — Conversion of agricultural land into residential plots and sale of residential plots -Consideration over fair market value to be assessed as business income -No question of law .[ S.4, 45 , 260A ]