Planned conversion of agricultural land to gain multiple times profit on its sale rightly taxed as business income

INCOME TAX: Where assessee had purchased agricultural land and immediately thereafter converted said land into non-agricultural land for commercial use, etc., driving force for purchase of land was to exploit it commercially, and, thus, profit arising on sale being nearly 30 times of investment in a period of 3-4 years owing to such concerted and planned transaction of purchase and sale of land had been rightly regarded as business activity by Assessing Officer

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