https://www.taxtmi.com/caselaws?id=456863 The ITAT Mumbai allowed the assessee's appeal regarding LTCG taxation on agricultural land sale. The tribunal held that despite the assessee initially offering LTCG on land sale, constitutional Article 265 prohibits tax collection without legal authority. The CIT(A)'s order was set aside as the assessee wasn't given proper opportunity to claim agricultural land exemption. The matter was remanded to the AO for de-novo assessment to examine whether the land qualifies as agricultural property eligible for tax exemption, with directions to hear the assessee and consider relevant documentation before passing orders according to law. en-us Wed, 28 Jun 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456863 The ITAT Mumbai allowed the assessee's appeal regarding LTCG taxation on agricultural land sale. The tribunal held that despite the assessee initially offering LTCG on land sale, constitutional Article 265 prohibits tax collection without legal authority. The CIT(A)'s order was set aside as the assessee wasn't given proper opportunity to claim agricultural land exemption. The matter was remanded to the AO for de-novo assessment to examine whether the land qualifies as agricultural property eligible for tax exemption, with directions to hear the assessee and consider relevant documentation before passing orders according to law. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456863