https://www.taxtmi.com/caselaws?id=325307 The Tribunal concluded that the land could not be considered agricultural based on various factors, including its location in a developing area and high sale price. Consequently, the appeal by the Revenue was allowed, overturning the Commissioner of Income Tax (Appeals) decision. The Tribunal held that the sale proceeds were taxable as capital gains, as the land did not qualify as agricultural under Sec 2(14) of the Income Tax Act. en-us Thu, 31 Dec 2015 00:00:00 +0530 Wed, 16 Mar 2016 10:15:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325307 The Tribunal concluded that the land could not be considered agricultural based on various factors, including its location in a developing area and high sale price. Consequently, the appeal by the Revenue was allowed, overturning the Commissioner of Income Tax (Appeals) decision. The Tribunal held that the sale proceeds were taxable as capital gains, as the land did not qualify as agricultural under Sec 2(14) of the Income Tax Act. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325307