{"id":2354,"date":"2018-09-14T09:43:05","date_gmt":"2018-09-14T09:43:05","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-heenaben-bhadresh-mehta-2018-257-taxman-219-gujhc\/"},"modified":"2019-01-02T06:29:33","modified_gmt":"2019-01-02T06:29:33","slug":"pcit-v-heenaben-bhadresh-mehta-2018-257-taxman-219-gujhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-heenaben-bhadresh-mehta-2018-257-taxman-219-gujhc\/","title":{"rendered":"PCIT  v. Heenaben Bhadresh Mehta. (2018) 409 ITR 196\/ 257 Taxman 219 (Guj)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that ;.assessee was an agriculturist and, land owned by him had been shown as agricultural land in revenue records . land in question was sold by assessee after a period of 16 months from purchase and, thus, it could not be a regarded as a case of &#8216;adventure in nature of trade&#8217;. Intention of purchaser could not be a determinative factor to treat profit earned by assessee on sale of agriculture land as business income.\u00a0 ( AY.2009 10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.2(14)(iii): Capital asset-Agricultural land- Adventure in the nature of land \u2013 Land was sold after a period of 16 months-Land shown as agricultural land in revenue records- Fact that said land had been sold to an industrial unit and had potential to be used for industrial purpose, could not be a determinative factor to treat profit earned by assessee on sale of agriculture land as business income- The intention of the purchaser cannot be the determinative factor to treat the profit earned by the assessee on sale of agriculture land as business income. .[ S.28(i), 45 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2354","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-BY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=2354"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2354\/revisions"}],"predecessor-version":[{"id":3533,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2354\/revisions\/3533"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}