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2016 (11) TMI 1407 - AT - Income TaxNature of land sold - location of the property - agricultural lands - capital gains - Held that:- The assessee produced the copy of the revenue records. In the revenue records, the lands in question were recorded as ‘agricultural lands’. The survey report shows that the lands in Survey No.67/22, 67/8C 1D16A, 67/8C 1D16C, 67/8C 1D16F and 67/8C1D19 were categorized as ‘Dry – Well/Borewell irrigation – Class-II’. As per the photographs enclosed alongwith the DVO’s report, the assessee was growing casurina trees, sapotta trees, coconut trees and mango trees. In a nutshell, the DVO’s report also supports that the assessee was using the lands for agricultural purposes and carrying on agricultural operations. DVO is departmental valuer referred by the Assessing Officer for valuation who has personally visited and satisfied that the lands were used for agricultural purposes. Thus we hold that the lands sold were agricultural lands not being capital asset and therefore, confirm the order of the Ld.CIT(A). - Decided in favour of assessee.
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