https://www.taxtmi.com/caselaws?id=197976 The Tribunal concluded that income from the sale of agricultural land should be treated as business income, not long-term capital gain. Regarding penalty proceedings under Section 271(1)(c), the Tribunal ruled in favor of the assessee, stating that no penalty should be imposed as the issue was debatable and all particulars were disclosed. The appeal for the assessment year 2000-01 was dismissed, the revenue's quantum appeal for the assessment year 1999-2000 was allowed, and the revenue's penalty appeal for the assessment year 2000-01 was dismissed. en-us Thu, 22 Dec 2011 00:00:00 +0530 Fri, 19 Jan 2018 14:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197976 The Tribunal concluded that income from the sale of agricultural land should be treated as business income, not long-term capital gain. Regarding penalty proceedings under Section 271(1)(c), the Tribunal ruled in favor of the assessee, stating that no penalty should be imposed as the issue was debatable and all particulars were disclosed. The appeal for the assessment year 2000-01 was dismissed, the revenue's quantum appeal for the assessment year 1999-2000 was allowed, and the revenue's penalty appeal for the assessment year 2000-01 was dismissed. Case-Laws Income Tax Thu, 22 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197976