https://www.taxtmi.com/caselaws?id=767896 The Madras HC partially allowed the revenue's appeal regarding agricultural land classification and capital gains exemption. The court upheld that lands in Egathur and Navalur villages, located beyond 8km from municipality limits, qualify as agricultural land under Section 2(14) and are exempt from capital asset definition. However, the court modified the tribunal's order on Section 54EC deduction for NABARD bond investments. The assessee claimed Rs. 10 crores deduction but could only claim Rs. 8,55,54,167 as the remaining Rs. 1,44,45,833 related to property sold after the bond investment date, making those funds unavailable for qualifying investment. en-us Mon, 17 Mar 2025 00:00:00 +0530 Thu, 27 Mar 2025 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767896 The Madras HC partially allowed the revenue's appeal regarding agricultural land classification and capital gains exemption. The court upheld that lands in Egathur and Navalur villages, located beyond 8km from municipality limits, qualify as agricultural land under Section 2(14) and are exempt from capital asset definition. However, the court modified the tribunal's order on Section 54EC deduction for NABARD bond investments. The assessee claimed Rs. 10 crores deduction but could only claim Rs. 8,55,54,167 as the remaining Rs. 1,44,45,833 related to property sold after the bond investment date, making those funds unavailable for qualifying investment. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767896