https://www.taxtmi.com/caselaws?id=186244 The Tribunal held that the land sold did not qualify as a capital asset under the IT Act, thus no tax on capital gains was applicable. However, the Tribunal ruled that the land was urban and subject to capital gains tax, overturning the CIT(A)'s decision. The Tribunal directed the CIT(A) to address all grounds raised by the assessee. The appeals of the Revenue were allowed for statistical purposes, and the issue was remitted to the CIT(A) for further adjudication. en-us Fri, 10 Feb 2012 00:00:00 +0530 Mon, 12 Sep 2016 13:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186244 The Tribunal held that the land sold did not qualify as a capital asset under the IT Act, thus no tax on capital gains was applicable. However, the Tribunal ruled that the land was urban and subject to capital gains tax, overturning the CIT(A)'s decision. The Tribunal directed the CIT(A) to address all grounds raised by the assessee. The appeals of the Revenue were allowed for statistical purposes, and the issue was remitted to the CIT(A) for further adjudication. Case-Laws Income Tax Fri, 10 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186244