https://www.taxtmi.com/caselaws?id=788413 Land at Village Magarchaba was found to constitute rural agricultural land falling within the statutory exclusion from capital asset status; accordingly sale proceeds do not attract long-term capital gains. The tribunal emphasised that the assessing officer failed to disclose or furnish materials relied upon and denied the assessee an opportunity to rebut, violating principles of natural justice; for that reason and because the land is not a capital asset, attribution of alleged unrecorded 'on money' to taxable capital gains was held inadmissible and the additions were deleted. en-us Thu, 05 Feb 2026 00:00:00 +0530 Sat, 21 Mar 2026 08:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788413 Land at Village Magarchaba was found to constitute rural agricultural land falling within the statutory exclusion from capital asset status; accordingly sale proceeds do not attract long-term capital gains. The tribunal emphasised that the assessing officer failed to disclose or furnish materials relied upon and denied the assessee an opportunity to rebut, violating principles of natural justice; for that reason and because the land is not a capital asset, attribution of alleged unrecorded 'on money' to taxable capital gains was held inadmissible and the additions were deleted. Case-Laws Income Tax Thu, 05 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788413