https://www.taxtmi.com/caselaws?id=416679 The Tribunal allowed the appeal, ruling in favor of the assessee and granting the exemption under section 54B of the Income Tax Act. The Tribunal found that the evidence presented established the agricultural nature of the land, despite the absence of agricultural income in previous years. It concluded that the AO's presumption that growing grass did not constitute agricultural activity was unfounded, considering the unique circumstances of the land affected by salinity. The assessee's appeal was allowed, overturning the lower authorities' decision to deny the exemption. en-us Mon, 13 Dec 2021 00:00:00 +0530 Wed, 05 Jan 2022 05:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416679 The Tribunal allowed the appeal, ruling in favor of the assessee and granting the exemption under section 54B of the Income Tax Act. The Tribunal found that the evidence presented established the agricultural nature of the land, despite the absence of agricultural income in previous years. It concluded that the AO's presumption that growing grass did not constitute agricultural activity was unfounded, considering the unique circumstances of the land affected by salinity. The assessee's appeal was allowed, overturning the lower authorities' decision to deny the exemption. Case-Laws Income Tax Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416679