https://www.taxtmi.com/caselaws?id=282345 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee on all issues. It held that the land was agricultural based on government records and usage, not subject to capital gains tax. The sale was treated as a long-term capital gain, not business income, as the land was held for nearly 20 years. The authenticity of the 1988 sale agreement was confirmed, and the addition of Rs. 10,00,000 to the assessee's income was deleted due to insufficient evidence. The Tribunal's decision favored the assessee, emphasizing compliance with legal requirements and supporting documentation. en-us Fri, 09 May 2014 00:00:00 +0530 Sun, 04 Aug 2019 16:01:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282345 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee on all issues. It held that the land was agricultural based on government records and usage, not subject to capital gains tax. The sale was treated as a long-term capital gain, not business income, as the land was held for nearly 20 years. The authenticity of the 1988 sale agreement was confirmed, and the addition of Rs. 10,00,000 to the assessee's income was deleted due to insufficient evidence. The Tribunal's decision favored the assessee, emphasizing compliance with legal requirements and supporting documentation. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282345