https://www.taxtmi.com/caselaws?id=67917 The Tribunal clarified that the purpose of the sale, whether for agricultural or non-agricultural use, determines the tax liability on the sale of agricultural land within municipal limits. If the land was used and sold for agricultural purposes, no capital gains tax would apply, as per a Bombay High Court decision. However, if the land was intended for commercial or non-agricultural use, capital gains tax would be applicable. The Tribunal directed a fresh assessment based on this interpretation, emphasizing the importance of considering the specific circumstances of each sale. en-us Wed, 13 Nov 1985 00:00:00 +0530 Tue, 15 Mar 2011 13:06:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67917 The Tribunal clarified that the purpose of the sale, whether for agricultural or non-agricultural use, determines the tax liability on the sale of agricultural land within municipal limits. If the land was used and sold for agricultural purposes, no capital gains tax would apply, as per a Bombay High Court decision. However, if the land was intended for commercial or non-agricultural use, capital gains tax would be applicable. The Tribunal directed a fresh assessment based on this interpretation, emphasizing the importance of considering the specific circumstances of each sale. Case-Laws Income Tax Wed, 13 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67917