https://www.taxtmi.com/caselaws?id=425332 The Tribunal remanded the case back to the Assessing Officer for a fresh assessment to determine if the land sold qualified as agricultural land exempt from long-term capital gain tax. The Tribunal emphasized the need to consider specific factors outlined by the Supreme Court and verify the land's distance from the municipal limit. The decision was in favor of the assessee, allowing the appeal for statistical purposes. The meticulous approach ensures a comprehensive evaluation of all relevant factors for a just and legally sound conclusion on the land's nature and tax implications. en-us Fri, 29 Apr 2022 00:00:00 +0530 Thu, 21 Jul 2022 09:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425332 The Tribunal remanded the case back to the Assessing Officer for a fresh assessment to determine if the land sold qualified as agricultural land exempt from long-term capital gain tax. The Tribunal emphasized the need to consider specific factors outlined by the Supreme Court and verify the land's distance from the municipal limit. The decision was in favor of the assessee, allowing the appeal for statistical purposes. The meticulous approach ensures a comprehensive evaluation of all relevant factors for a just and legally sound conclusion on the land's nature and tax implications. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425332