https://www.taxtmi.com/caselaws?id=330089 The Tribunal determined that the income from the sale of the plot should be classified as long-term capital gains, overturning the CIT(A)'s decision. The Tribunal emphasized the assessee's investment intention due to the long holding period and previous acceptance of similar transactions by the Revenue. It highlighted the lack of evidence supporting the Revenue's assertion of the land's agricultural origin. Consequently, the Tribunal directed the Assessing Officer to compute the income under the head 'income from long-term capital gains,' allowing the assessee's appeal. en-us Fri, 20 May 2016 00:00:00 +0530 Mon, 18 Jul 2016 11:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330089 The Tribunal determined that the income from the sale of the plot should be classified as long-term capital gains, overturning the CIT(A)'s decision. The Tribunal emphasized the assessee's investment intention due to the long holding period and previous acceptance of similar transactions by the Revenue. It highlighted the lack of evidence supporting the Revenue's assertion of the land's agricultural origin. Consequently, the Tribunal directed the Assessing Officer to compute the income under the head 'income from long-term capital gains,' allowing the assessee's appeal. Case-Laws Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330089