https://www.taxtmi.com/caselaws?id=773651 ITAT Pune remanded the matter back to CIT(A)/NFAC to determine whether land sold by appellant constituted agricultural land or capital asset under section 2(14) of IT Act. Appellant contended the land was agricultural based on revenue records showing cultivation and consistent agricultural income declarations in returns. CIT(A)/NFAC failed to decide this fundamental issue while simultaneously directing AO to recalculate LTCG and confirming the capital gain computation. ITAT found merit in appellant's argument that CIT(A)/NFAC erred in not addressing whether the property qualified as agricultural land exempt from capital gains taxation. Ground partly allowed for fresh adjudication. en-us Mon, 23 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773651 ITAT Pune remanded the matter back to CIT(A)/NFAC to determine whether land sold by appellant constituted agricultural land or capital asset under section 2(14) of IT Act. Appellant contended the land was agricultural based on revenue records showing cultivation and consistent agricultural income declarations in returns. CIT(A)/NFAC failed to decide this fundamental issue while simultaneously directing AO to recalculate LTCG and confirming the capital gain computation. ITAT found merit in appellant's argument that CIT(A)/NFAC erred in not addressing whether the property qualified as agricultural land exempt from capital gains taxation. Ground partly allowed for fresh adjudication. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773651