https://www.taxtmi.com/caselaws?id=344070 The Tribunal ruled in favor of the assessee, determining that the gains from the sale of agricultural land were not assessable as business income. It found that the land was primarily used for agricultural purposes, qualifying for exemption under section 2(14)(iii) of the Income Tax Act. The Tribunal emphasized the agricultural nature of the land and the lack of evidence contradicting the assessee's claims. The appeal was partly allowed, with the Tribunal noting the consistent treatment of other co-owners' assessments in support of the assessee's position. en-us Tue, 30 May 2017 00:00:00 +0530 Thu, 08 Jun 2017 05:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344070 The Tribunal ruled in favor of the assessee, determining that the gains from the sale of agricultural land were not assessable as business income. It found that the land was primarily used for agricultural purposes, qualifying for exemption under section 2(14)(iii) of the Income Tax Act. The Tribunal emphasized the agricultural nature of the land and the lack of evidence contradicting the assessee's claims. The appeal was partly allowed, with the Tribunal noting the consistent treatment of other co-owners' assessments in support of the assessee's position. Case-Laws Income Tax Tue, 30 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344070