Sold two farm lands for Rs 8.75 crore capital gains but paid no tax or filed ITR; ITAT Ahmedabad rules in favour of taxpayer

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A man from Bharuch, Gujarat had sold two agricultural lands for Rs 8.75 crore capital gains to a company who subsequently used the lands for industrial purposes. This man however, paid no income tax The Income Tax Department issued a notice. The ITAT Ahmedabad ruled in his favour for this reason.