https://www.taxtmi.com/caselaws?id=430678 The ITAT allowed the appeal for statistical purposes, emphasizing the need for a proper assessment to determine if the sold properties qualified as capital assets, specifically focusing on agricultural land outside municipal limits in a town with a population below 10,000. The ITAT directed the AO to re-examine the issue and provide the appellant with a fair opportunity to substantiate the claim that the properties sold did not meet the definition of a capital asset. The decision highlighted the importance of conducting thorough inquiries before applying capital gains tax provisions. en-us Wed, 31 Aug 2022 00:00:00 +0530 Fri, 25 Nov 2022 08:07:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430678 The ITAT allowed the appeal for statistical purposes, emphasizing the need for a proper assessment to determine if the sold properties qualified as capital assets, specifically focusing on agricultural land outside municipal limits in a town with a population below 10,000. The ITAT directed the AO to re-examine the issue and provide the appellant with a fair opportunity to substantiate the claim that the properties sold did not meet the definition of a capital asset. The decision highlighted the importance of conducting thorough inquiries before applying capital gains tax provisions. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430678