https://www.taxtmi.com/caselaws?id=67030 The Tribunal ruled in favor of the assessee, excluding the agricultural land from capital gains tax liability. The decision was based on the legislative intent to exempt agricultural land used for farming activities from capital gains taxation, aligning with the interpretation of s. 2(14)(iii)(b) and relevant notifications. The Tribunal held that the land in question met the exclusion criteria for capital assets, as per the notification, and therefore, the sale proceeds from the agricultural land were not subject to capital gains tax. en-us Fri, 23 Apr 1982 00:00:00 +0530 Tue, 08 Mar 2011 17:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67030 The Tribunal ruled in favor of the assessee, excluding the agricultural land from capital gains tax liability. The decision was based on the legislative intent to exempt agricultural land used for farming activities from capital gains taxation, aligning with the interpretation of s. 2(14)(iii)(b) and relevant notifications. The Tribunal held that the land in question met the exclusion criteria for capital assets, as per the notification, and therefore, the sale proceeds from the agricultural land were not subject to capital gains tax. Case-Laws Income Tax Fri, 23 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67030