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2019 (6) TMI 304 - RAJASTHAN HIGH COURTCharacterization of land - Nature of sale of land - agricultural income or capital asset - whether the properties sold were to be excluded from the meaning of capital asset as they were agricultural land as defined by Section 2(14) ? - HELD THAT:- Referring to the intention of assessee with regard to the specific transactions is to be ganged not merely from what he or the concerned entity contends but rather on an appreciation of the overall facts and circumstances presented to the Court at the time of proceeding. This Court is of the opinion that the ITAT’s conclusions with rejecting the assessee’s arguments that the intention was always to retain the properties acquired, as agricultural land and not treat them as capital assets for the purposes of business, cannot be characterised as unreasonable or unsound. Moreover, the analysis of facts and application of mind by the ITAT, is with respect to the facts; the findings are essentially on an application mind based upon the factual material. In the opinion of the Court, no substantial question of law is involved, which calls for interpretation. - Decided against assessee.
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