https://www.taxtmi.com/caselaws?id=70658 The Tribunal quashed the reopening of assessments for asst. yrs. 1995-96 and 1997-98, deeming the Asstt. CIT's jurisdiction assumption unlawful due to income below Rs. 2 lakhs. It upheld the classification of income from land sale as capital gains and directed the AO to rework capital gains and allow exemption u/s 54F for relevant years. The assessee's appeals were allowed, while the Revenue's appeals were dismissed. en-us Fri, 12 Nov 2004 00:00:00 +0530 Fri, 21 Jun 2024 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70658 The Tribunal quashed the reopening of assessments for asst. yrs. 1995-96 and 1997-98, deeming the Asstt. CIT's jurisdiction assumption unlawful due to income below Rs. 2 lakhs. It upheld the classification of income from land sale as capital gains and directed the AO to rework capital gains and allow exemption u/s 54F for relevant years. The assessee's appeals were allowed, while the Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 12 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70658