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2018 (8) TMI 1543 - AT - Income TaxNature of land sold - Long term capital gain - capital asset or agricultural land - Held that:- From sale of the impugned agriculture land situated at village Rau (M.P) long term capital gain was computed by the assessee. Through out the proceedings before the lower authorities and before us that the impugned agriculture land is not a capital asset and is not liable to be taxed as per the Notification No.9447 dated 6.1.94. The agriculture land situated at Rau being 1.5 to 2 km away from A.B Road is not to be treated as capital asset. The impugned land sold by the assessee was an agriculture land used for agricultural operations and was not covered under the definition of capital asset as provided in section 2(14)(iii) of the Act read with Notification No.9447 dated 6.1.1994. Therefore no interference is called for in the findings of Ld.CIT(A). Accordingly the appeal of the revenue stands dismissed.
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