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2015 (6) TMI 561 - AT - Income TaxProfit from sale of agricultural land - business income OR capital gains - claimed by the assessee as exempt from tax - Held that:- As the land sold is not only agricultural in nature but is also situated beyond 12 kms from the limit of a municipality notified by the central govt. Hence, land sold by assessee not being a capital asset, the gain derived there from is not taxable at the hands of the assessee. See Commissioner of Income tax & Others Versus Sri R. Srinivasa Rao, Sri MS. Raghava, Bhavya Constructions Pvt. Ltd., R. Vijaya Lakshmi, Shri S. Srinivasa Rao, Sri T. Gopichand, Shri GC. Subba Naidu, Sri P. Shiva Kumar & Others [2015 (4) TMI 295 - ITAT HYDERABAD ] - Decided in favour of assessee.
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