Dismissing the appeal of the assesee the Court held that ; the assesee purchased the land on 16-8-2006 while he was still a non-resident Indian and thereafter he did not do any agricultural operations on that land. After retaining it for about two years, he sold it. He did not obtain the permission of the RBI under rule 47 of the Foreign Exchange Management (Acquisition & Transfer of Immovable Property in India) Regulations, 2000, which prohibits acquisition of agricultural land by an NRI. The fact that he had levelled the land and enhanced its saleability was also an indication of his intention to resell the land even when he purchased it. He had made huge profits consequent to the sale and therefore undoubtedly the transaction amounts to ‘adventure in the nature of trade’. The profit which he made out of this sale would therefore be chargeable to tax under the head ‘income from business’. (AY. 2009-10)