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2021 (3) TMI 1244 - AT - Income TaxLong term capital gain - Nature of land sold - profit derived from sale of agricultural land is taxable or not? - HELD THAT:- Whether profit derived from sale of agricultural land is taxable or not is essential question of fact, which needs to be ascertained on the basis of evidences filed by the assessee to prove that land was an agricultural land and the same was used for agricultural purpose - finding of fact recorded by the authorities below indicate that the assessee has not filed any evidence to prove that land was used for agricultural purpose but contention of the assessee is that the land in question was agricultural land and it was used for agricultural purpose. The assessee further claimed that if opportunity is given, he is ready to produce necessary evidence to prove his claim. Therefore, considering the arguments of both sides, we are of the considered view that the issue needs to be set aside to the file of the AO to ascertain the fact with regard to nature of the land when it was sold, to decide the taxability of profit derived from sale of land. Appeal is set aside to the file of the AO and we direct him to verify the issue in light of evidences filed by the assessee to prove that land in question is agricultural land and the same is used for agricultural purpose - Appeal filed by the assessee is allowed for statistical purpose.
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