Mandatory textile export qualifiers distinguish flame-retardant fabrics from other listed fabrics for automated identification under the textiles ince...
Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
ITAT dismissed the Revenue's appeal and upheld the assessee's entitlement to exemption under s. 2(14)(iii) in relation to the sale of agricultural land. The Tribunal found the land was agricultural and outside the municipal area at the time of sale, and any subsequent conversion to non-agricultural use by the purchaser cannot defeat the assessee's claim. Reliance on the Land Revenue Code provision s. 63(AA) did not alter this outcome. Consequentially, the assessee is not liable for long-term capital gains on the transaction, and the assessment disallowing the exemption was annulled.
ITAT dismissed the Revenue's appeal and upheld the assessee's entitlement to exemption under s. 2(14)(iii) in relation to the sale of agricultural land. The Tribunal found the land was agricultural and outside the municipal area at the time of sale, and any subsequent conversion to non-agricultural use by the purchaser cannot defeat the assessee's claim. Reliance on the Land Revenue Code provision s. 63(AA) did not alter this outcome. Consequentially, the assessee is not liable for long-term capital gains on the transaction, and the assessment disallowing the exemption was annulled.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
