https://www.taxtmi.com/caselaws?id=461262 The Tribunal determined that the land sold by the assessee in Egathur and Navalur villages qualified as agricultural land, thereby exempting it from capital gains tax under the Income-tax Act, 1961. It rejected the Commissioner's reliance on a State Government order, affirming that no statutory notification reclassified the land as urban. Additionally, the Tribunal upheld the assessee's exemption claim under section 54EC, finding sufficient evidence that the investment in NABARD bonds was made from the sale proceeds. Consequently, the Tribunal set aside the Commissioner's revision order, affirming the original assessment by the Assessing Officer. The assessee's appeal was allowed. en-us Wed, 01 Jun 2011 00:00:00 +0530 Tue, 25 Mar 2025 17:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461262 The Tribunal determined that the land sold by the assessee in Egathur and Navalur villages qualified as agricultural land, thereby exempting it from capital gains tax under the Income-tax Act, 1961. It rejected the Commissioner's reliance on a State Government order, affirming that no statutory notification reclassified the land as urban. Additionally, the Tribunal upheld the assessee's exemption claim under section 54EC, finding sufficient evidence that the investment in NABARD bonds was made from the sale proceeds. Consequently, the Tribunal set aside the Commissioner's revision order, affirming the original assessment by the Assessing Officer. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 01 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461262