https://www.taxtmi.com/caselaws?id=419792 The Tribunal ruled that the agricultural land sold was not a capital asset under section 2(14) of the Income Tax Act, 1961, and therefore not subject to capital gains tax. The Fair Market Value (FMV) determined by the Assessing Officer was deemed inapplicable as the land was not considered a capital asset. The Tribunal's decision led to the deletion of additions made by the AO, following the precedent set in the lead case. en-us Wed, 16 Feb 2022 00:00:00 +0530 Mon, 21 Mar 2022 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419792 The Tribunal ruled that the agricultural land sold was not a capital asset under section 2(14) of the Income Tax Act, 1961, and therefore not subject to capital gains tax. The Fair Market Value (FMV) determined by the Assessing Officer was deemed inapplicable as the land was not considered a capital asset. The Tribunal's decision led to the deletion of additions made by the AO, following the precedent set in the lead case. Case-Laws Income Tax Wed, 16 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419792