Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (4) TMI 514 - AT - Income TaxAgricultural land or Capital assets - Within 8 K.m. of Panchayat - In each of the sale deeds there are six vendors [the assessees/respondents and Km. Narsinghan] who have sold their 1/6th share which was obtained by them by way of a family settlement, a copy of which was placed before the Assessing Officer - After accepting the nomenclature of this trade as agricultural land, the Assessing Officer has tried to bring a case under sub-clause (b) by treating them falling within 8 K.ms. of Municipality limits - There is no dispute with regard to the factum of obtaining permission to do so, but it is also an undeniable and undisputed fact by the revenue that neither Late K. Subramania Mudaliar or his legal heirs indulged in any activity nor had any intention to enter into transaction which could be termed as an adventure in the nature of trade. Late K. Subramania Mudaliar never plotted out the land. The lands retained the character of agricultural lands till the date of sale in 2005 - When the entire facts of this case are recapitulated cumulatively, only one inference can be drawn therefrom that on the date of sale, the entire piece of land was agricultural land - Decided in favour of the assessee
|