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2015 (6) TMI 480 - AT - Income TaxIncome from sale of Land - Capital Gain or business income – Whether land sold by assessee was agricultural land or capital asset – Whether the transaction was an adventure in the nature of Trade ? - Held that:- As relying on case of Smt. M. Vijaya and others [2014 (6) TMI 587 - ITAT HYDERABAD] we uphold the impugned order of the Ld. CIT(A) holding that the land in question being agricultural land situated beyond 8 K.Ms from the limits of Hyderabad Municipal Corporation, is not a capital asset within the meaning of section 2(14) and the profit arising from the said land is not chargeable to tax in the hands of the assessee as capital gains. We also uphold the impugned order of the Ld. CIT(A) holding that the activity of the assessee of purchase and sale of the said land was not an adventure in the nature of trade as alleged by the Assessing Officer. - Decided in favour of assessee.
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