https://www.taxtmi.com/caselaws?id=36147 The High Court ruled against the revenue, determining that the lands sold were agricultural and not capital assets under the Income Tax Act. Consequently, the surplus from the land sale was exempt from capital gains tax. The Court emphasized the significance of the land's actual and consistent agricultural use, rejecting arguments based on location, price, and intentions. The assessee was awarded costs, including a counsel's fee of Rs. 500. en-us Fri, 01 Aug 1980 00:00:00 +0530 Fri, 19 Mar 2010 16:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36147 The High Court ruled against the revenue, determining that the lands sold were agricultural and not capital assets under the Income Tax Act. Consequently, the surplus from the land sale was exempt from capital gains tax. The Court emphasized the significance of the land's actual and consistent agricultural use, rejecting arguments based on location, price, and intentions. The assessee was awarded costs, including a counsel's fee of Rs. 500. Case-Laws Income Tax Fri, 01 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36147