Commissioner Of Income-Tax, Gujarat vs Premji Gopalbhai on 30 August, 1977
6.1 In the light of above discussion and in the light of direct judgment of the
jurisdictional High Court in the case of CIT vs Premji Gopalbhai 113 ITR 785
(Guj) where it has been held that ancestral land converted into non agricultural
land divided into several plots and sold as and when purchasers was available.
Profit is assessable as capital gain and not as a business income.