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2012 (6) TMI 84 - HC - Income TaxWhether Tribunal was right in holding that the entire land introduced by the partners as their capital and later on withdrawn in the year 1986 was an agricultural land, treating it as individual property of the respective partners - Revenue contending such contribution of land as partnership firm's property on ground that land appurtenant to the structure was also part and parcel of the business of the assessee firm and the land cannot be separated from the building after construction of structure - Held that:- Tribunal observed that at no point of time the ownership of the land was transferred to the partnership firm by means of transfer entry or sale deed. Further, the land was always treated as agricultural land in the earlier assessment years, therefore, finding by the Tribunal that it was agricultural land for the relevant AY and it belonged to the individual partners and was never partnership firm's property is perfectly justified.
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