https://www.taxtmi.com/caselaws?id=424665 The ITAT allowed the appeal, setting aside the assessment of long term capital gain and the section 54F deduction claim for further examination by the Assessing Officer. The decision emphasized the need to verify the nature of the land and its jurisdiction to determine accurate tax treatment. The dispute over the classification of the land as a capital asset and the jurisdiction of the Chennai City Municipal Corporation were pivotal in the case outcome. en-us Fri, 01 Jul 2022 00:00:00 +0530 Wed, 06 Jul 2022 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424665 The ITAT allowed the appeal, setting aside the assessment of long term capital gain and the section 54F deduction claim for further examination by the Assessing Officer. The decision emphasized the need to verify the nature of the land and its jurisdiction to determine accurate tax treatment. The dispute over the classification of the land as a capital asset and the jurisdiction of the Chennai City Municipal Corporation were pivotal in the case outcome. Case-Laws Income Tax Fri, 01 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424665