https://www.taxtmi.com/caselaws?id=352260 The Tribunal ruled in favor of the assessee, determining that the profit from the sale of land should be treated as exempt capital gain under section 2(14) of the Income Tax Act. The Tribunal disagreed with the CIT(A)'s classification of the transaction as an adventure in the nature of trade, considering factors such as the assessee's agricultural background, distance from the municipality, lack of trading history, and agricultural designation in revenue records. Consequently, the penalty imposed under section 271(1)(c) for concealment of income was also canceled due to the deletion of the quantum addition. en-us Wed, 06 Dec 2017 00:00:00 +0530 Mon, 11 Dec 2017 08:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352260 The Tribunal ruled in favor of the assessee, determining that the profit from the sale of land should be treated as exempt capital gain under section 2(14) of the Income Tax Act. The Tribunal disagreed with the CIT(A)'s classification of the transaction as an adventure in the nature of trade, considering factors such as the assessee's agricultural background, distance from the municipality, lack of trading history, and agricultural designation in revenue records. Consequently, the penalty imposed under section 271(1)(c) for concealment of income was also canceled due to the deletion of the quantum addition. Case-Laws Income Tax Wed, 06 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352260