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2009 (1) TMI 1 - HC - Income Tax
Agricultural land - on the date of the purchase and as also on the date of acquisition, the land was agricultural land – fact that the assessee intended to use the land for industrial purposes did not in any way alter the nature of the land – mere fact that the assessee did not carry out any agricultural operation did not alter the nature and character of the land – Tribunal was not justified in holding that the land acquired from the ownership of the appellant was not agricultural land