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2012 (10) TMI 710 - AT - Income TaxWhether agricultural land sold during the year of purchase is eligible to cover under the exception of capital assets u/s 2(14)(iii) – Whether income earn from transfer of such land is, exempt from the provision of capital gain or consider as income from trading - Held that:- Following the decision in case of Gemini Pictures Circuit Private Ltd.(1996 (3) TMI 8 - SUPREME COURT) No agriculture operation was carried out, immediately sale after purchase, situated at the main road near the city from all these facts the intention of the assessee was not to put to the land for agricultural use and accordingly, it was not used for agriculture purpose by the assessee as well as even by the purchaser, who is a builder, then the Sec 2(14)(iii) would not apply in the case of the assessee. Therefore, nature of transaction of purchase and sale rightly held as trading. Appeal decides in favour of revenue
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