https://www.taxtmi.com/caselaws?id=437606 The appeal was allowed as the land sold was not considered a capital asset under the Income Tax Act, 1961 for A.Y. 2013-14. The Tribunal determined that the land did not fall within the specified area mentioned in the relevant notification, thus the proceeds were not taxable under Long Term Capital Gains. The issues regarding deductions under sections 54F and 54B, interest under sections 234A, 234B, 234C, and 234D, and penalty proceedings under sections 271(1)(b) and 271(1)(c) were not addressed as the primary finding regarding the capital asset classification was decisive. en-us Tue, 25 Apr 2023 00:00:00 +0530 Tue, 09 May 2023 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437606 The appeal was allowed as the land sold was not considered a capital asset under the Income Tax Act, 1961 for A.Y. 2013-14. The Tribunal determined that the land did not fall within the specified area mentioned in the relevant notification, thus the proceeds were not taxable under Long Term Capital Gains. The issues regarding deductions under sections 54F and 54B, interest under sections 234A, 234B, 234C, and 234D, and penalty proceedings under sections 271(1)(b) and 271(1)(c) were not addressed as the primary finding regarding the capital asset classification was decisive. Case-Laws Income Tax Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437606