https://www.taxtmi.com/caselaws?id=407590 The High Court emphasized the importance of accurately determining the classification of land for taxation purposes based on its location and use. The Tribunal upheld the deletion of the addition on account of long term capital gains, ruling that the land was rural agricultural land situated beyond the specified distance from the Municipal Corporation limit, thus exempt from capital gains tax liability. The judgment highlighted the need for clarity in statutory provisions regarding the method of measuring distance between land and the Municipal limit for assessment purposes. en-us Wed, 17 Feb 2021 00:00:00 +0530 Sat, 15 May 2021 08:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407590 The High Court emphasized the importance of accurately determining the classification of land for taxation purposes based on its location and use. The Tribunal upheld the deletion of the addition on account of long term capital gains, ruling that the land was rural agricultural land situated beyond the specified distance from the Municipal Corporation limit, thus exempt from capital gains tax liability. The judgment highlighted the need for clarity in statutory provisions regarding the method of measuring distance between land and the Municipal limit for assessment purposes. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407590