https://www.taxtmi.com/caselaws?id=241161 The Appellate Tribunal upheld the decisions of the CIT(A) to delete additions related to the profit earned on the sale of agricultural land and interest income on an FDR. The Tribunal agreed that the land was not a capital asset under the Income Tax Act, and the profit was not taxable as capital gain. Additionally, it found that the purchase of land was for agricultural purposes, not for trade, and the interest income had not accrued by the relevant assessment year end date. Consequently, the department's appeal was dismissed. en-us Tue, 22 Oct 2013 00:00:00 +0530 Wed, 18 Dec 2013 08:47:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241161 The Appellate Tribunal upheld the decisions of the CIT(A) to delete additions related to the profit earned on the sale of agricultural land and interest income on an FDR. The Tribunal agreed that the land was not a capital asset under the Income Tax Act, and the profit was not taxable as capital gain. Additionally, it found that the purchase of land was for agricultural purposes, not for trade, and the interest income had not accrued by the relevant assessment year end date. Consequently, the department's appeal was dismissed. Case-Laws Income Tax Tue, 22 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241161