https://www.taxtmi.com/caselaws?id=61372 The Tribunal ruled in favor of the assessee in a case involving the levy of long-term capital gains on sales of plots. The Tribunal found the sales to be sham and not genuine, emphasizing the importance of the vendee's involvement in the sale process and the lack of authorization in the executed deeds. The Tribunal considered affidavits admitting the sham nature of the sales and referenced relevant case law on capital gains from agricultural land. Ultimately, the Tribunal concluded that the sales were manipulated, the lands were agricultural, and exempted the assessee from capital gains tax. en-us Wed, 20 Aug 1986 00:00:00 +0530 Wed, 12 Jan 2011 14:05:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61372 The Tribunal ruled in favor of the assessee in a case involving the levy of long-term capital gains on sales of plots. The Tribunal found the sales to be sham and not genuine, emphasizing the importance of the vendee's involvement in the sale process and the lack of authorization in the executed deeds. The Tribunal considered affidavits admitting the sham nature of the sales and referenced relevant case law on capital gains from agricultural land. Ultimately, the Tribunal concluded that the sales were manipulated, the lands were agricultural, and exempted the assessee from capital gains tax. Case-Laws Income Tax Wed, 20 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61372