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2019 (11) TMI 1562 - AT - Income TaxNature of land sold - character of the land - capital asset or agricultural land - assessee claims that the land in question is situated beyond 8 Kms. of the local limits from the municipality and hence cannot be held as a capital asset - HELD THAT:- As the land in question is beyond 8 Kms from the nearest municipality and as the conversion of the land for agricultural land to industrial land was done after sale of land, the conclusion could only be that the asset in question is an agricultural land even if there was no agricultural activity on the same. Reopening of assessment u/s 147 - We quash the directions given by the ld. CIT(A) to the Assessing Officer to reopen the assessment of the partnership firm M/s. Shree Annapurna Oil Mills and to tax the long term capital gain in question in the hands of the firm. Hence Ground of the assessee is allowed.
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