https://www.taxtmi.com/caselaws?id=282349 The Tribunal upheld the decision that the income from the sale of agricultural land was exempt from capital gains tax under Section 2(14)(iii) and should be treated as a capital receipt under Section 10(37) of the Income Tax Act. The Tribunal also accepted part of the declared agricultural income, limiting it to Rs. 5 lakhs, based on the classification of the land in revenue records and lack of evidence of non-agricultural use. The Revenue's appeal was dismissed, affirming the assessee's position. en-us Fri, 05 May 2017 00:00:00 +0530 Sun, 04 Aug 2019 16:01:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282349 The Tribunal upheld the decision that the income from the sale of agricultural land was exempt from capital gains tax under Section 2(14)(iii) and should be treated as a capital receipt under Section 10(37) of the Income Tax Act. The Tribunal also accepted part of the declared agricultural income, limiting it to Rs. 5 lakhs, based on the classification of the land in revenue records and lack of evidence of non-agricultural use. The Revenue's appeal was dismissed, affirming the assessee's position. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282349