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2016 (1) TMI 894 - AT - Income TaxIncome arising from sale of agricultural land - whether exempt or is taxable as capital gains in the facts of the case? - Held that:- In the present case there is no allegation that the assessee had ever applied for change of land use. The 7/12 extracts show the land as agricultural land and there is cultivation of crop. The land is beyond 8 km from the Municipal limits and the village is having population of less than 10,000. There is no evidence on record to show that the land was used for any other purpose, other than agriculture. We are of the considered opinion that the authorities below have erred in holding that the plots of land sold by the assessee are capital asset within the meaning of section 2(14) of the Act. - Decided n favour of assessee
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