https://www.taxtmi.com/caselaws?id=361451 The ITAT allowed the appeal, ruling that the land sold was agricultural, exempting it from capital gains tax. The reassessment u/s 148 was deemed unwarranted as there was no escapement of income. Legal precedents supported the assessee's claim, emphasizing that if land is recorded as agricultural and not converted, gains from its sale are tax-exempt. The ITAT did not address the expenditure allowance issue but focused on the land's nature. The judgment stressed the significance of legal precedents in tax treatment and proper verification before reassessing income. en-us Wed, 30 May 2018 00:00:00 +0530 Thu, 07 Jun 2018 08:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361451 The ITAT allowed the appeal, ruling that the land sold was agricultural, exempting it from capital gains tax. The reassessment u/s 148 was deemed unwarranted as there was no escapement of income. Legal precedents supported the assessee's claim, emphasizing that if land is recorded as agricultural and not converted, gains from its sale are tax-exempt. The ITAT did not address the expenditure allowance issue but focused on the land's nature. The judgment stressed the significance of legal precedents in tax treatment and proper verification before reassessing income. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361451