https://www.taxtmi.com/caselaws?id=399064 The Court upheld the ITAT's decision, dismissing the Revenue's appeals. It concluded that the land retained its status as agricultural land under Section 2(14)(iii) of the Income Tax Act at the time of sale. Consequently, the land was exempt from capital gains tax under Section 45(1), despite prior conversion approval. The judgment was based on factual evidence, including agricultural activities and supporting documents, which confirmed the land's agricultural status. The Court found no merit in the Revenue's reliance on other case laws, affirming the Tribunal's findings and answering the substantial questions of law against the Revenue. en-us Thu, 24 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399064 The Court upheld the ITAT's decision, dismissing the Revenue's appeals. It concluded that the land retained its status as agricultural land under Section 2(14)(iii) of the Income Tax Act at the time of sale. Consequently, the land was exempt from capital gains tax under Section 45(1), despite prior conversion approval. The judgment was based on factual evidence, including agricultural activities and supporting documents, which confirmed the land's agricultural status. The Court found no merit in the Revenue's reliance on other case laws, affirming the Tribunal's findings and answering the substantial questions of law against the Revenue. Case-Laws Income Tax Thu, 24 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399064