https://www.taxtmi.com/caselaws?id=215444 The High Court dismissed the revenue's appeal, upholding the Tribunal's decision regarding the determination of long term capital gain on the sale of agricultural land by a Hindu undivided family. The Court emphasized the correct interpretation of the Income Tax Act provisions, specifically Sections 2(14)(iii)(a) & (b), and highlighted the absence of a Central Government notification for the land to be classified as a capital asset. The reliance on municipal certificates for land classification played a crucial role in the Court's decision, ultimately leading to the dismissal of the appeal. en-us Thu, 29 Mar 2012 00:00:00 +0530 Mon, 06 Aug 2012 21:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215444 The High Court dismissed the revenue's appeal, upholding the Tribunal's decision regarding the determination of long term capital gain on the sale of agricultural land by a Hindu undivided family. The Court emphasized the correct interpretation of the Income Tax Act provisions, specifically Sections 2(14)(iii)(a) & (b), and highlighted the absence of a Central Government notification for the land to be classified as a capital asset. The reliance on municipal certificates for land classification played a crucial role in the Court's decision, ultimately leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215444