Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 1063 - AT - Income TaxTreatment of sale of land as agricultural land - nature of land - Held that:- In the present case, it is an admitted fact that the impugned land property is situated beyond 8 Kms of the Municipal Corporation limit of Chennai. The land is situated in a distance of 15 Kms from the nearest municipality/Panchayat i.e. Sriperumpudur Taluk, Kancheepuram District, Chennai and population of the village is around 3,000 as per the relevant census. The assessee also declared agricultural income from the said property and the same was assessed as agricultural income more specifically in assessment under consideration also. The AO accepted the agricultural income declared from said property at ₹ 65,300/- for assessment year 2010-11. Further, the land was classified as agricultural land in the Revenue records also. The property was also sold by the assessee as agricultural land only and the impugned land was never converted by assessee for any non-agricultural purpose. The land retained character of agricultural land only. Being so, in our opinion the above land is to be treated as agricultural land only and sale of said land cannot go rise to any taxable capital gains and it is to be considered as agricultural land in terms of Sec.2(14)(iii)(b) of the Act and Ld.CIT(A) has taken a correct view to hold that the said land is an agricultural land and in our opinion that the judgement relied upon by ld.A.R in the case of Mr.N.Jayamurugan (2016 (6) TMI 518 - ITAT CHENNAI) is squarely applicable to the facts of the case and we have no hesitation in confirming the order of CIT(A). - Decided against revenue.
|