https://www.taxtmi.com/caselaws?id=260636 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and situated beyond municipal limits, thus not qualifying as a capital asset under Section 2(14) of the Income Tax Act. The profit from the sale was deemed exempt from tax, rejecting the AO's argument that the transaction constituted an adventure in the nature of trade. The Tribunal emphasized the land's consistent agricultural classification, absence of non-agricultural use, and compliance with location criteria as key factors in its decision. en-us Fri, 05 Jun 2015 00:00:00 +0530 Fri, 19 Jun 2015 06:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260636 The Tribunal ruled in favor of the assessee, determining that the land sold was agricultural and situated beyond municipal limits, thus not qualifying as a capital asset under Section 2(14) of the Income Tax Act. The profit from the sale was deemed exempt from tax, rejecting the AO's argument that the transaction constituted an adventure in the nature of trade. The Tribunal emphasized the land's consistent agricultural classification, absence of non-agricultural use, and compliance with location criteria as key factors in its decision. Case-Laws Income Tax Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260636