https://www.taxtmi.com/caselaws?id=416941 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the chargeability of capital gains on the sale of agricultural land and the withdrawal of exemption under s.54B of the Act. The CIT(A) found that the rural agricultural land sold by the assessee was not a capital asset, thus not subject to tax under s.45, and eligible for exemption under s.54B. The Tribunal agreed with this interpretation, leading to the dismissal of both the Revenue's appeal and the assessee's cross objection. en-us Wed, 24 Nov 2021 00:00:00 +0530 Wed, 12 Jan 2022 08:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416941 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the chargeability of capital gains on the sale of agricultural land and the withdrawal of exemption under s.54B of the Act. The CIT(A) found that the rural agricultural land sold by the assessee was not a capital asset, thus not subject to tax under s.45, and eligible for exemption under s.54B. The Tribunal agreed with this interpretation, leading to the dismissal of both the Revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Wed, 24 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416941