https://www.taxtmi.com/caselaws?id=66800 Land recorded in revenue records and used for cultivation before Government possession retained its agricultural character, and the impossibility of further cultivation after acquisition did not change that basic nature. On a cumulative assessment of the facts, the land was not a capital asset under Section 2(14) of the Income-tax Act, 1961, so the capital gains addition was not sustainable. Interest levied under Sections 139(8) and 217 in reassessment was also held unsustainable under the binding jurisdictional precedent applied by the Tribunal, and the reassessment interest was deleted. en-us Tue, 27 Jun 1995 00:00:00 +0530 Mon, 07 Mar 2011 14:34:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66800 Land recorded in revenue records and used for cultivation before Government possession retained its agricultural character, and the impossibility of further cultivation after acquisition did not change that basic nature. On a cumulative assessment of the facts, the land was not a capital asset under Section 2(14) of the Income-tax Act, 1961, so the capital gains addition was not sustainable. Interest levied under Sections 139(8) and 217 in reassessment was also held unsustainable under the binding jurisdictional precedent applied by the Tribunal, and the reassessment interest was deleted. Case-Laws Income Tax Tue, 27 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66800