https://www.taxtmi.com/caselaws?id=200051 The ITAT allowed the appeal, overturning the lower authorities' decision to tax surplus from the sale of agricultural lands as capital gains. The appellant successfully demonstrated through evidence of agricultural activities on the land that it qualified as agricultural property exempt from capital gains tax. The ITAT held that the burden of proof was on the Assessing Officer to show non-agricultural use, which was not established. Consequently, the ITAT ruled in favor of the appellant, determining that the land in question was agricultural and not subject to capital gains tax. en-us Fri, 17 Mar 2017 00:00:00 +0530 Sun, 18 Mar 2018 14:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200051 The ITAT allowed the appeal, overturning the lower authorities' decision to tax surplus from the sale of agricultural lands as capital gains. The appellant successfully demonstrated through evidence of agricultural activities on the land that it qualified as agricultural property exempt from capital gains tax. The ITAT held that the burden of proof was on the Assessing Officer to show non-agricultural use, which was not established. Consequently, the ITAT ruled in favor of the appellant, determining that the land in question was agricultural and not subject to capital gains tax. Case-Laws Income Tax Fri, 17 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200051