https://www.taxtmi.com/caselaws?id=194847 The Commissioner of Income Tax (Appeals) determined that the land sold by the assessee qualified as agricultural land, falling outside the definition of a capital asset under Section 2(14) of the Income Tax Act, 1961. The CIT(A) dismissed the Assessing Officer's contentions, emphasizing that the land was used for agricultural purposes as evidenced by revenue records and agricultural activities conducted. Consequently, the land was deemed not liable for capital gains tax, and the appeal by the revenue was rejected, affirming the CIT(A)'s decision. en-us Thu, 22 Dec 2016 00:00:00 +0530 Mon, 02 Oct 2017 12:13:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194847 The Commissioner of Income Tax (Appeals) determined that the land sold by the assessee qualified as agricultural land, falling outside the definition of a capital asset under Section 2(14) of the Income Tax Act, 1961. The CIT(A) dismissed the Assessing Officer's contentions, emphasizing that the land was used for agricultural purposes as evidenced by revenue records and agricultural activities conducted. Consequently, the land was deemed not liable for capital gains tax, and the appeal by the revenue was rejected, affirming the CIT(A)'s decision. Case-Laws Income Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194847