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2023 (4) TMI 1047 - ITAT CHENNAIGain on sale of land - nature of land sold - Eligibility of exemption u/s 2(14)(iii) - HELD THAT:- In the present case, in the land sold by the assessee, already mango trees and coconut trees are in existence. The assessee has not reported any agricultural income and simply because income was not reported, the agricultural land cannot be held as non-agricultural land. We hold that the land sold by the assessee is an agricultural land and the income is eligible for claiming exemption under section 2(14)(iii) of the Act. Thus, the ground raised by the assessee is allowed.
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