ITAT Madras-D Rules Agricultural Land Capital Gains Non-Taxable

The Revenue's appeals were dismissed by ITAT MADRAS-D as capital gains from agricultural land transfer were deemed non-taxable, following a Bombay HC decision. ITAT upheld CIT(A)'s ruling due to absence of conflicting precedents on tax exemption for such gains.

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The Revenue's appeals were dismissed by the ITAT MADRAS-D as the capital gains from the transfer of agricultural lands were held not taxable based on a Bombay High Court decision. The ITAT confirmed the CIT(A)'s order citing lack of conflicting decisions on whether such gains are agricultural income exempt from tax.

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