https://www.taxtmi.com/caselaws?id=238473 The Tribunal ruled that the land in question was agricultural land, not a business asset. The profit from its sale should be treated as capital gains, not business income. The appeal of the assessee was allowed, with no basis for interest levy under Section 234B or penalties under Sections 271(1)(b) and 271(1)(c) of the IT Act. en-us Fri, 27 Sep 2013 00:00:00 +0530 Tue, 22 Oct 2013 08:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238473 The Tribunal ruled that the land in question was agricultural land, not a business asset. The profit from its sale should be treated as capital gains, not business income. The appeal of the assessee was allowed, with no basis for interest levy under Section 234B or penalties under Sections 271(1)(b) and 271(1)(c) of the IT Act. Case-Laws Income Tax Fri, 27 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238473