https://www.taxtmi.com/highlights?id=2348 Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on their sale is assessable under the head "Capital gains" for the reason that the impugned lands are located within the limits of municipality, viz., GVMC. However, the assessee would be entitled for exemption under section 54B of the Act on the reinvestment made by him in purchase of another agricultural land. .... - AT en-us Tue, 13 Dec 2011 18:08:54 +0530 Tue, 13 Dec 2011 18:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=2348 Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on their sale is assessable under the head "Capital gains" for the reason that the impugned lands are located within the limits of municipality, viz., GVMC. However, the assessee would be entitled for exemption under section 54B of the Act on the reinvestment made by him in purchase of another agricultural land. .... - AT Highlights Income Tax Tue, 13 Dec 2011 18:08:54 +0530 https://www.taxtmi.com/highlights?id=2348