https://www.taxtmi.com/caselaws?id=185557 The Tribunal held that the land, despite being jointly owned by the assessees, was not used for agricultural purposes at the time of sale. As a result, the land was classified as non-agricultural, making the sale proceeds subject to capital gains tax under Section 50C of the Income-tax Act, 1961. The Tribunal rejected the admissibility of revenue records as conclusive evidence of agricultural use, ultimately ruling in favor of the Revenue and reinstating the Assessing Officer's addition for long-term capital gains. en-us Thu, 11 Apr 2013 00:00:00 +0530 Fri, 19 Aug 2016 16:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185557 The Tribunal held that the land, despite being jointly owned by the assessees, was not used for agricultural purposes at the time of sale. As a result, the land was classified as non-agricultural, making the sale proceeds subject to capital gains tax under Section 50C of the Income-tax Act, 1961. The Tribunal rejected the admissibility of revenue records as conclusive evidence of agricultural use, ultimately ruling in favor of the Revenue and reinstating the Assessing Officer's addition for long-term capital gains. Case-Laws Income Tax Thu, 11 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185557