https://www.taxtmi.com/caselaws?id=67590 The Tribunal determined that the sale of the land was finalized in 1972, and the income derived from the sale qualified as agricultural income, thus exempt from capital gains tax. The Tribunal favored the assessee regarding the nature of the land, affirming its agricultural classification despite falling within municipal limits. The issues concerning the cost of the land and improvements were not deliberated due to the absence of findings from the CIT (A). Additionally, the levy of interest under Section 139(8) was dismissed since the income was exempt. The departmental appeal and cross-objection were partially allowed. en-us Wed, 26 Aug 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67590 The Tribunal determined that the sale of the land was finalized in 1972, and the income derived from the sale qualified as agricultural income, thus exempt from capital gains tax. The Tribunal favored the assessee regarding the nature of the land, affirming its agricultural classification despite falling within municipal limits. The issues concerning the cost of the land and improvements were not deliberated due to the absence of findings from the CIT (A). Additionally, the levy of interest under Section 139(8) was dismissed since the income was exempt. The departmental appeal and cross-objection were partially allowed. Case-Laws Income Tax Wed, 26 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67590