https://www.taxtmi.com/caselaws?id=5518 The Supreme Court overturned the High Court's decision, ruling in favor of the Revenue and against the assessee. The Court determined that the land in question, despite some agricultural activities, did not qualify as agricultural land exempt from capital gains tax due to its location in a commercial area and intended use for construction or sale. The decision emphasized the importance of considering various factors, including past and intended future agricultural use, in determining the classification of land for tax purposes. en-us Fri, 01 Mar 1996 00:00:00 +0530 Wed, 31 Dec 2008 21:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5518 The Supreme Court overturned the High Court's decision, ruling in favor of the Revenue and against the assessee. The Court determined that the land in question, despite some agricultural activities, did not qualify as agricultural land exempt from capital gains tax due to its location in a commercial area and intended use for construction or sale. The decision emphasized the importance of considering various factors, including past and intended future agricultural use, in determining the classification of land for tax purposes. Case-Laws Income Tax Fri, 01 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5518