https://www.taxtmi.com/caselaws?id=21050 The High Court of Bombay addressed a case involving the classification of land as agricultural or non-agricultural for capital gains tax assessment under the Income-tax Act, 1961. The Court found that except for the non-agricultural portion, the land was considered agricultural based on various factors. It was determined that only the surplus from the non-agricultural portion should be subject to tax, aligning with the exemption of agricultural lands from capital gains tax. The Court ruled in favor of the assessee, noting that the Tribunal's considerations were in line with established tests and previous court decisions. No costs were awarded in this case. en-us Wed, 17 Feb 1993 00:00:00 +0530 Wed, 18 Nov 2009 18:31:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21050 The High Court of Bombay addressed a case involving the classification of land as agricultural or non-agricultural for capital gains tax assessment under the Income-tax Act, 1961. The Court found that except for the non-agricultural portion, the land was considered agricultural based on various factors. It was determined that only the surplus from the non-agricultural portion should be subject to tax, aligning with the exemption of agricultural lands from capital gains tax. The Court ruled in favor of the assessee, noting that the Tribunal's considerations were in line with established tests and previous court decisions. No costs were awarded in this case. Case-Laws Income Tax Wed, 17 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21050