https://www.taxtmi.com/caselaws?id=795750 Section 54 relief is described as available where bank records and a certificate establish deposit under the Capital Gains Accounts Scheme, resulting in deletion of the stated disallowance. The notes further state that agricultural land's status as a capital asset depends on verified distance from municipal limits; because the record indicated a distance beyond the prescribed limit, the issue requires fresh verification. They also state that capital gains on the residential flat require recomputation after allowing indexation. The stated result is deletion of the section 54 disallowance, with agricultural-land taxability and consequential capital-gains computation remitted for fresh assessment. en-us Mon, 29 Jun 2026 00:00:00 +0530 Mon, 27 Jul 2026 08:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795750 Section 54 relief is described as available where bank records and a certificate establish deposit under the Capital Gains Accounts Scheme, resulting in deletion of the stated disallowance. The notes further state that agricultural land's status as a capital asset depends on verified distance from municipal limits; because the record indicated a distance beyond the prescribed limit, the issue requires fresh verification. They also state that capital gains on the residential flat require recomputation after allowing indexation. The stated result is deletion of the section 54 disallowance, with agricultural-land taxability and consequential capital-gains computation remitted for fresh assessment. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795750