https://www.taxtmi.com/caselaws?id=398117 The Tribunal held that the land sold by the assessee did not qualify as agricultural land exempt from capital gains tax. Despite being classified as agricultural in revenue records, the lack of evidence of agricultural activities and the high sale price indicated it was not used for agricultural purposes. The appeal was dismissed, and the gain from the sale was subject to capital gains tax. en-us Fri, 04 Sep 2020 00:00:00 +0530 Thu, 08 Jul 2021 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398117 The Tribunal held that the land sold by the assessee did not qualify as agricultural land exempt from capital gains tax. Despite being classified as agricultural in revenue records, the lack of evidence of agricultural activities and the high sale price indicated it was not used for agricultural purposes. The appeal was dismissed, and the gain from the sale was subject to capital gains tax. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398117