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2017 (4) TMI 190 - HC - Income TaxNature of land - whether the Tribunal was justified in holding that 80% of the land is not an agricultural land and liable to capital gains tax? - Held that:- The finding of facts so recored by the Tribunal itself confirms the position that the case of the assessees fall within the ambit of definition of “agriculture” as defined under the Code. The property requires to be treated as agricultural land and its' activities are “agricultural” in nature. We are inclined to observe that the property in question cannot be treated as “Capital Asset” as contemplated under Section 2(14) (iii) of the Act. It is wrong to hold, in view of the facts and circumstances and the nature of agricultural land because of peculiar situation of the land near the sea side or stony side of the sea, that assessees are not doing any regular agriculture operation, this is also on the ground that they never shown agriculture income out of it. Any agriculture produce and products can be for personal use also. Therefore, taking overall view of the matter including the reports placed on record, which supports the case of the assessee and for the reasons so recorded above, we are inclined to allow these appeals.
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