https://www.taxtmi.com/caselaws?id=19056 The High Court of Rajasthan addressed the tax implications of selling agricultural land under the Income-tax Act, 1961. The court concluded that the sale of agricultural land was subject to capital gains tax regardless of its subsequent use for non-agricultural purposes. It ruled in favor of the Revenue, emphasizing the tax liability on agricultural land sales for capital gains. The reference was answered in favor of the Revenue, with no costs awarded to either party. en-us Mon, 13 Feb 1995 00:00:00 +0530 Tue, 03 Nov 2009 16:46:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19056 The High Court of Rajasthan addressed the tax implications of selling agricultural land under the Income-tax Act, 1961. The court concluded that the sale of agricultural land was subject to capital gains tax regardless of its subsequent use for non-agricultural purposes. It ruled in favor of the Revenue, emphasizing the tax liability on agricultural land sales for capital gains. The reference was answered in favor of the Revenue, with no costs awarded to either party. Case-Laws Income Tax Mon, 13 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19056