https://www.taxtmi.com/caselaws?id=390077 The Tribunal ruled in favor of the assessee, holding that the income from the sale of land should be taxed as capital gains. The Tribunal allowed the deduction under Section 54B to the extent of Rs. 1,84,81,978/- out of Rs. 3,14,08,693/-, subject to verification by the AO. Regarding the claim of agricultural income, the Tribunal directed the AO to accept the 7/12 extracts provided unless contrary evidence is provided and remanded the issue for further verification. The Tribunal emphasized the principles of natural justice and ordered a detailed examination of the facts. en-us Thu, 19 Sep 2019 00:00:00 +0530 Mon, 23 Dec 2019 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390077 The Tribunal ruled in favor of the assessee, holding that the income from the sale of land should be taxed as capital gains. The Tribunal allowed the deduction under Section 54B to the extent of Rs. 1,84,81,978/- out of Rs. 3,14,08,693/-, subject to verification by the AO. Regarding the claim of agricultural income, the Tribunal directed the AO to accept the 7/12 extracts provided unless contrary evidence is provided and remanded the issue for further verification. The Tribunal emphasized the principles of natural justice and ordered a detailed examination of the facts. Case-Laws Income Tax Thu, 19 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390077