https://www.taxtmi.com/caselaws?id=217843 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal and allowing the assessee's appeal. It held that the land sold was agricultural and not subject to capital gains tax. Additionally, the compensation received for delay in property possession was deemed a capital receipt, reducing the cost of acquisition of the asset. The Tribunal emphasized that the nature of the land and the purpose of the compensation supported these conclusions, in line with relevant precedents. en-us Fri, 12 Oct 2012 00:00:00 +0530 Mon, 29 Oct 2012 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217843 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal and allowing the assessee's appeal. It held that the land sold was agricultural and not subject to capital gains tax. Additionally, the compensation received for delay in property possession was deemed a capital receipt, reducing the cost of acquisition of the asset. The Tribunal emphasized that the nature of the land and the purpose of the compensation supported these conclusions, in line with relevant precedents. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217843