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2013 (12) TMI 826 - AT - Income TaxPurchase of agricultural land - Held that:- It was an established fact that the situation of the land was more than 08 kms. away from the municipal limits of Jodhpur - As per the provisions contained in section 2(14)(iii)(a) of the Act, the present land being agricultural land situated beyond 08 kms. of the municipal limits was not a capital asset - The profit earned by the assessee on the sale of the said land was not a capital gain - The assessee' intention was to keep the land available for cultivation - Decided against Revenue. Interest income - Held that:- The assessee purchased FDR amounting for 12 months - The period of 12 months from the date of purchase of the FDR was going to be expired on 31/10/2009 - Maturity date was not falling within the period relevant to the assessment year under consideration - The Assessing Officer was not justified in making the addition on the basis of notional income accrued to the assessee - Decided against Revenue.
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