https://www.taxtmi.com/caselaws?id=260555 The Tribunal dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s order. It found that the land was agricultural, located beyond the specified distance from the Municipal Corporation limits, and the transaction was not deemed an adventure in the nature of trade. Consequently, the profit from the land sale was not taxable as capital gains, aligning with a previous case with similar circumstances. en-us Wed, 13 May 2015 00:00:00 +0530 Mon, 15 Jun 2015 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260555 The Tribunal dismissed the Revenue's appeal, upholding the Ld. CIT(A)'s order. It found that the land was agricultural, located beyond the specified distance from the Municipal Corporation limits, and the transaction was not deemed an adventure in the nature of trade. Consequently, the profit from the land sale was not taxable as capital gains, aligning with a previous case with similar circumstances. Case-Laws Income Tax Wed, 13 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260555