https://www.taxtmi.com/caselaws?id=196671 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, determining that the gain from the sale of agricultural land should be treated as a capital gain exempt from tax, not as business income. The ITAT found that the Assessing Officer did not provide sufficient evidence to establish that the transaction was an adventure in the nature of trade. Consequently, the ITAT allowed the assessee's appeal, overturning the Commissioner of Income Tax (Appeals) decision. The order was pronounced in open court on 28-11-2016. en-us Mon, 28 Nov 2016 00:00:00 +0530 Tue, 12 Dec 2017 08:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196671 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, determining that the gain from the sale of agricultural land should be treated as a capital gain exempt from tax, not as business income. The ITAT found that the Assessing Officer did not provide sufficient evidence to establish that the transaction was an adventure in the nature of trade. Consequently, the ITAT allowed the assessee's appeal, overturning the Commissioner of Income Tax (Appeals) decision. The order was pronounced in open court on 28-11-2016. Case-Laws Income Tax Mon, 28 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196671