https://www.taxtmi.com/caselaws?id=402728 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to grant exemption under Section 54B of the Income Tax Act as the land met the agricultural use criteria. Additionally, the Tribunal ruled in favor of the assessee, stating that the land sold did not qualify as a capital asset under Section 2(14), thereby exempting it from capital gains tax. The Tribunal also upheld the deletion of additions for unexplained investments, preventing double taxation. The Revenue's appeal was dismissed, affirming the decisions favoring the assessee. en-us Wed, 06 Jan 2021 00:00:00 +0530 Mon, 11 Jan 2021 08:06:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402728 The Tribunal allowed the assessee's appeal, directing the Assessing Officer to grant exemption under Section 54B of the Income Tax Act as the land met the agricultural use criteria. Additionally, the Tribunal ruled in favor of the assessee, stating that the land sold did not qualify as a capital asset under Section 2(14), thereby exempting it from capital gains tax. The Tribunal also upheld the deletion of additions for unexplained investments, preventing double taxation. The Revenue's appeal was dismissed, affirming the decisions favoring the assessee. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402728