https://www.taxtmi.com/caselaws?id=365190 The ITAT upheld the CIT(A)'s decision in favor of the assessee, determining that the sale of land constituted capital gains rather than business profits. Consequently, the assessee was granted the benefit of Section 54F for exemption on long-term capital gains. The disallowance of land development expenditure was overturned as the AO lacked sufficient evidence to support the claim of it being bogus. Both departmental appeals were dismissed. en-us Tue, 19 Jun 2018 00:00:00 +0530 Thu, 16 Aug 2018 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365190 The ITAT upheld the CIT(A)'s decision in favor of the assessee, determining that the sale of land constituted capital gains rather than business profits. Consequently, the assessee was granted the benefit of Section 54F for exemption on long-term capital gains. The disallowance of land development expenditure was overturned as the AO lacked sufficient evidence to support the claim of it being bogus. Both departmental appeals were dismissed. Case-Laws Income Tax Tue, 19 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365190