https://www.taxtmi.com/caselaws?id=365515 The High Court upheld the Income Tax Appellate Tribunal's decision directing the Assessing Officer to treat the profit from the sale of agricultural land as exempt under Section 2(14) of the Income Tax Act. The Tribunal determined that the transaction did not constitute a business activity and therefore, the profit should not be taxed as business income. The Court dismissed the appeal, stating that no substantial question of law arose from the case, and affirmed the Tribunal's decision based on a thorough examination of the facts and relevant legal provisions. en-us Tue, 26 Jun 2018 00:00:00 +0530 Tue, 19 May 2026 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365515 The High Court upheld the Income Tax Appellate Tribunal's decision directing the Assessing Officer to treat the profit from the sale of agricultural land as exempt under Section 2(14) of the Income Tax Act. The Tribunal determined that the transaction did not constitute a business activity and therefore, the profit should not be taxed as business income. The Court dismissed the appeal, stating that no substantial question of law arose from the case, and affirmed the Tribunal's decision based on a thorough examination of the facts and relevant legal provisions. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365515