https://www.taxtmi.com/caselaws?id=250977 The High Court held that the lands, classified as agricultural in revenue records and with evidence of agricultural activities, qualified for exemption from capital gains tax under Section 2(14) of the Income Tax Act. The Tribunal erred in requiring strict adherence to all conditions set in a previous case, clarifying that revenue records and payment of land revenue were sufficient indicators of agricultural land. Procedural lapses by the Assessing Officer were noted, leading to the Court allowing the appeals and granting the exemption, setting aside the Tribunal's order without costs. en-us Wed, 06 Aug 2014 00:00:00 +0530 Wed, 18 Feb 2015 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250977 The High Court held that the lands, classified as agricultural in revenue records and with evidence of agricultural activities, qualified for exemption from capital gains tax under Section 2(14) of the Income Tax Act. The Tribunal erred in requiring strict adherence to all conditions set in a previous case, clarifying that revenue records and payment of land revenue were sufficient indicators of agricultural land. Procedural lapses by the Assessing Officer were noted, leading to the Court allowing the appeals and granting the exemption, setting aside the Tribunal's order without costs. Case-Laws Income Tax Wed, 06 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250977