Assessee sold agricultural land at Mohali in 2014 and claimed deduction u/s. 54B of the Act by buying another agricultural land. AO  considered agricultural land sold as a capital asset by rejecting contention of the assessee that land sold was outside the limits of the municipality and hence, it was exempt income. CIT(A) confirmed addition made by the AO.  On appeal the Tribunal deleted the addition by accepting the evidence adduced by the assessee showing the population of the village was mere 907 persons as per published census and that land was situated outside the limits of the municipality.  The long term capital gains on sale of land cannot be brought to tax.  (AY.2015-16)