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2008 (8) TMI 14 - HC - Income Tax
Exemption u/s 2(14) - assessee claim is that the agricultural land sold by it was not a capital asset & consequently, no capital gains accrued at the hands of the assessee and he was not required to pay any tax thereon – there was no material before the AO on the basis of which he could have maintained a belief that it was a capital asset within the meaning of Section 2(14) - AO was embarking on mere exploration without any belief – revenue’s appeal is dismissed