https://www.taxtmi.com/caselaws?id=271102 The Tribunal held that the income arising from the sale of agricultural land was exempt from capital gains tax. The land was classified as agricultural in Revenue records, under cultivation, and not used for non-agricultural purposes. The Tribunal dismissed arguments based on proximity to developed areas, emphasizing that the land's classification as agricultural was not altered by its location. The assessee's appeal was allowed, overturning the previous decision and exempting the income from capital gains tax. en-us Wed, 04 Nov 2015 00:00:00 +0530 Wed, 27 Jan 2016 06:31:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271102 The Tribunal held that the income arising from the sale of agricultural land was exempt from capital gains tax. The land was classified as agricultural in Revenue records, under cultivation, and not used for non-agricultural purposes. The Tribunal dismissed arguments based on proximity to developed areas, emphasizing that the land's classification as agricultural was not altered by its location. The assessee's appeal was allowed, overturning the previous decision and exempting the income from capital gains tax. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271102