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2020 (3) TMI 954 - ITAT LUCKNOWLong Term Capital Gain on Sale of Agriculture Land - whether Agriculture Land is not an asset u/s 2(14) - nature of land sold - agriculture land or capital asset - whether on a part of entire agriculture land the rice mill was installed and on remaining agriculture land, agriculture operations were carried out till the date of sale and it is incorrect that the land ceased to be agriculture land for I.T. purpose - HELD THAT:- The land is agricultural land, as depicted in the revenue records. No contrary decision has been cited before us. It is only the land beneath the rice mill, measuring 8800 sq. ft., on which long term capital gain is exigible. The contention of the assessee, regarding land of 700 sq. ft. covering his residence, has been brought up only at the present stage. It did not see the light of day at any earlier stage before any of the authorities below, nor is any evidence with regard thereto forthcoming. Therefore, this claim is not available to the assessee. In view of the above, we accept the grievance of the assessee, to the above extent, to be justified. The long term capital gain is, therefore, directed to be calculated and levied accordingly.
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