https://www.taxtmi.com/caselaws?id=181077 The Appellate Tribunal ITAT Visakhapatnam dismissed the revenue's appeals and upheld the CIT(A)'s decision regarding the chargeability of capital gain on the sale of agricultural land. The Tribunal emphasized the necessity of a central government notification to alter the status of the land from agricultural to urban, highlighting the importance of legal provisions and official notifications in determining taxability. The judgment clarified that the land's classification remained agricultural despite falling within the extended municipal limits without a fresh notification, emphasizing adherence to statutory provisions and judicial precedents in tax assessments. en-us Fri, 29 Oct 2010 00:00:00 +0530 Tue, 02 May 2023 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181077 The Appellate Tribunal ITAT Visakhapatnam dismissed the revenue's appeals and upheld the CIT(A)'s decision regarding the chargeability of capital gain on the sale of agricultural land. The Tribunal emphasized the necessity of a central government notification to alter the status of the land from agricultural to urban, highlighting the importance of legal provisions and official notifications in determining taxability. The judgment clarified that the land's classification remained agricultural despite falling within the extended municipal limits without a fresh notification, emphasizing adherence to statutory provisions and judicial precedents in tax assessments. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181077