https://www.taxtmi.com/caselaws?id=442208 The appellant's classification of land as a capital asset was disputed by the revenue, leading to the computation of capital gains. The denial of deduction u/s. 54B for investing in agricultural land without sufficient evidence was a key issue. The non-admission of additional evidences crucial to establishing the land's nature led to a remand for fresh assessment. The taxation of sale consideration based on TDS deduction was upheld but challenged in the appeal, resulting in the Tribunal allowing the appeal for statistical purposes and requiring a comprehensive reassessment by the AO. en-us Wed, 23 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 08:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442208 The appellant's classification of land as a capital asset was disputed by the revenue, leading to the computation of capital gains. The denial of deduction u/s. 54B for investing in agricultural land without sufficient evidence was a key issue. The non-admission of additional evidences crucial to establishing the land's nature led to a remand for fresh assessment. The taxation of sale consideration based on TDS deduction was upheld but challenged in the appeal, resulting in the Tribunal allowing the appeal for statistical purposes and requiring a comprehensive reassessment by the AO. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442208