https://www.taxtmi.com/caselaws?id=429888 The Tribunal allowed the appeal in favor of the assessee, concluding that the land sold was agricultural and exempt from capital gains tax. The Tribunal emphasized determining the land's agricultural status based on actual activities and certifications, rejecting the Assessing Officer's reasoning. It found the sale price reasonable and accepted equity shares as a valid consideration mode, setting aside lower authorities' decisions. The Tribunal's decision was based on evidence supporting the agricultural nature of the land and upheld the assessee's claim for exemption from taxation. en-us Fri, 04 Nov 2022 00:00:00 +0530 Mon, 07 Nov 2022 09:12:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429888 The Tribunal allowed the appeal in favor of the assessee, concluding that the land sold was agricultural and exempt from capital gains tax. The Tribunal emphasized determining the land's agricultural status based on actual activities and certifications, rejecting the Assessing Officer's reasoning. It found the sale price reasonable and accepted equity shares as a valid consideration mode, setting aside lower authorities' decisions. The Tribunal's decision was based on evidence supporting the agricultural nature of the land and upheld the assessee's claim for exemption from taxation. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429888