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Reassessment of Land Sale: Does It Qualify as Agricultural Under Income Tax Act Sections 147 & 2(14)?
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....Reopening of assessment u/s 147 - capital gain of sale of land - agriculture land or not u/s 2(14) - The assessee is claiming exemption and hence onus is on assessee to prove that its income falls within four corners of exemption provisions as are contained in the 1961 Act.....