https://www.taxtmi.com/caselaws?id=13488 The High Court ruled primarily in favor of the assessees, determining that the lands were agricultural at the time of sale, thus exempting them from capital gains tax despite the purchaser's intended industrial use. The Court emphasized the actual use of the lands over the intended use. In a separate appeal, the Court upheld the Tribunal's decision to include gross profits due to lack of contrary evidence. The judgment clarified tax implications based on land character and addressed gross profit inclusion, supporting the assessees' claims in most instances. en-us Mon, 29 Jan 2007 00:00:00 +0530 Fri, 23 Feb 2024 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13488 The High Court ruled primarily in favor of the assessees, determining that the lands were agricultural at the time of sale, thus exempting them from capital gains tax despite the purchaser's intended industrial use. The Court emphasized the actual use of the lands over the intended use. In a separate appeal, the Court upheld the Tribunal's decision to include gross profits due to lack of contrary evidence. The judgment clarified tax implications based on land character and addressed gross profit inclusion, supporting the assessees' claims in most instances. Case-Laws Income Tax Mon, 29 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13488