https://www.taxtmi.com/caselaws?id=328841 The Appellate Tribunal allowed the appeal, ruling that the Income Tax Authorities were not justified in treating 2/3rd of the property as a capital asset subject to tax. The Tribunal considered the land to be agricultural based on evidence provided by the appellant, emphasizing that structures on the land did not change its agricultural nature. Consequently, the addition of Rs. 58,76,920 under the head 'capital gains' was deemed unjustified. en-us Thu, 05 May 2016 00:00:00 +0530 Thu, 16 Jun 2016 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328841 The Appellate Tribunal allowed the appeal, ruling that the Income Tax Authorities were not justified in treating 2/3rd of the property as a capital asset subject to tax. The Tribunal considered the land to be agricultural based on evidence provided by the appellant, emphasizing that structures on the land did not change its agricultural nature. Consequently, the addition of Rs. 58,76,920 under the head 'capital gains' was deemed unjustified. Case-Laws Income Tax Thu, 05 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328841