https://www.taxtmi.com/caselaws?id=344851 The Tribunal held that the land sold by the assessee was non-agricultural and classified as a capital asset subject to capital gains tax. The CIT(A)'s decision was overturned, emphasizing the land's real estate potential and high market value, indicating a shift from agricultural to non-agricultural use due to urbanization. The assessee's cross-objections were dismissed, and the Revenue's appeal was allowed, with the decision pronounced in Chennai on 26th April 2017. en-us Wed, 26 Apr 2017 00:00:00 +0530 Tue, 27 Jun 2017 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344851 The Tribunal held that the land sold by the assessee was non-agricultural and classified as a capital asset subject to capital gains tax. The CIT(A)'s decision was overturned, emphasizing the land's real estate potential and high market value, indicating a shift from agricultural to non-agricultural use due to urbanization. The assessee's cross-objections were dismissed, and the Revenue's appeal was allowed, with the decision pronounced in Chennai on 26th April 2017. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344851