https://www.taxtmi.com/caselaws?id=218887 The tribunal determined that the land in question qualified as a capital asset under the Income Tax Act despite its agricultural nature. It also ruled that the enhanced compensation received for land acquisition was not taxable as long-term capital gain due to the absence of a determinable cost of acquisition. As the land was acquired without any cost, the tribunal held that there was no basis for capital gains tax liability. Consequently, the tribunal partially allowed the appeal, directing the Assessing Officer accordingly. en-us Thu, 26 Jul 2012 00:00:00 +0530 Wed, 28 Nov 2012 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218887 The tribunal determined that the land in question qualified as a capital asset under the Income Tax Act despite its agricultural nature. It also ruled that the enhanced compensation received for land acquisition was not taxable as long-term capital gain due to the absence of a determinable cost of acquisition. As the land was acquired without any cost, the tribunal held that there was no basis for capital gains tax liability. Consequently, the tribunal partially allowed the appeal, directing the Assessing Officer accordingly. Case-Laws Income Tax Thu, 26 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218887