https://www.taxtmi.com/caselaws?id=421008 The Tribunal ruled that the land in question did not qualify as agricultural land under section 2(14) of the Income Tax Act, 1961, and was therefore subject to capital gains tax. However, the assessee was entitled to a deduction for the cost of acquisition based on a valuation report as of 1 April 1981 for the property acquired through inheritance. All appeals were partly allowed based on these findings. en-us Fri, 08 Apr 2022 00:00:00 +0530 Fri, 15 Apr 2022 08:54:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421008 The Tribunal ruled that the land in question did not qualify as agricultural land under section 2(14) of the Income Tax Act, 1961, and was therefore subject to capital gains tax. However, the assessee was entitled to a deduction for the cost of acquisition based on a valuation report as of 1 April 1981 for the property acquired through inheritance. All appeals were partly allowed based on these findings. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421008