https://www.taxtmi.com/caselaws?id=67858 Income from the sale of agricultural land situated within municipal limits was treated as agricultural income and therefore not subjected to capital gains tax. The ITAT Jaipur note records that the Tribunal followed the Bombay High Court view relied on by the assessee and applied the principle that, in the absence of contrary binding authority, a jurisdictionally relevant High Court ruling should be followed. On that basis, the capital gains addition on the land sale was held unsustainable. en-us Sat, 31 Dec 1983 00:00:00 +0530 Tue, 15 Mar 2011 10:56:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67858 Income from the sale of agricultural land situated within municipal limits was treated as agricultural income and therefore not subjected to capital gains tax. The ITAT Jaipur note records that the Tribunal followed the Bombay High Court view relied on by the assessee and applied the principle that, in the absence of contrary binding authority, a jurisdictionally relevant High Court ruling should be followed. On that basis, the capital gains addition on the land sale was held unsustainable. Case-Laws Income Tax Sat, 31 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67858