https://www.taxtmi.com/caselaws?id=69981 The tribunal ruled in favor of the Hindu Undivided Family (HUF) in the case involving the assessment of capital gains on the sale of agricultural land in Arapalayam village. The tribunal held that the land, despite being fallow, retained its agricultural character based on revenue records and previous assessments. It determined that the assessee qualified for relief under section 54B of the IT Act, rejecting the revenue's argument on the mandatory actual use of the land for agricultural purposes. Additionally, the tribunal considered a Bombay High Court decision and exempted the capital gains from taxation, granting relief to the assessee. en-us Fri, 09 Sep 1988 00:00:00 +0530 Wed, 13 Apr 2011 12:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69981 The tribunal ruled in favor of the Hindu Undivided Family (HUF) in the case involving the assessment of capital gains on the sale of agricultural land in Arapalayam village. The tribunal held that the land, despite being fallow, retained its agricultural character based on revenue records and previous assessments. It determined that the assessee qualified for relief under section 54B of the IT Act, rejecting the revenue's argument on the mandatory actual use of the land for agricultural purposes. Additionally, the tribunal considered a Bombay High Court decision and exempted the capital gains from taxation, granting relief to the assessee. Case-Laws Income Tax Fri, 09 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69981