https://www.taxtmi.com/caselaws?id=395266 The Tribunal upheld the Assessing Officer's decision to treat the income from the sale of land as business income instead of long-term capital gains. The Tribunal also rejected the assessee's claim for exemption on the sale of agricultural land, determining that the land was within municipal limits and did not qualify as agricultural land. Additionally, the Tribunal upheld the disallowance of brokerage expenses under Section 40(a)(ia) due to non-deduction of TDS, noting the assessee's awareness of TDS provisions despite being in the first year of business transactions. en-us Tue, 05 May 2020 00:00:00 +0530 Thu, 14 May 2020 12:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395266 The Tribunal upheld the Assessing Officer's decision to treat the income from the sale of land as business income instead of long-term capital gains. The Tribunal also rejected the assessee's claim for exemption on the sale of agricultural land, determining that the land was within municipal limits and did not qualify as agricultural land. Additionally, the Tribunal upheld the disallowance of brokerage expenses under Section 40(a)(ia) due to non-deduction of TDS, noting the assessee's awareness of TDS provisions despite being in the first year of business transactions. Case-Laws Income Tax Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395266