The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) set aside the order of Principal Commissioner of Income-Tax (PCIT) and allowed tax deduction under Section 54 of Income Tax Act for income from sale of land assessable under Capital gains and not business income. The assessee Laxmanbhai Balchanddas Patel had sold non-agricultural land (N.A. land)…
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