Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 650 - AT - Income TaxLTCG on sale of share in agricultural land - Whether the said land was "agricultural land" covered by the exception contained in section 2(14)(iii) ? - HELD THAT:- The Inspector’s report categorically suggested that agricultural produce were grown on the said land, there was a canal from which irrigation was done on the said land. Even the certificate obtained from local Talati specifies the land being agricultural land. CIT(Appeals) has not distinguished or brought any other materials on record to negate such findings in the Inspector’s report and therefore, we are of the considered view that the land sold was agricultural land and the same is not a capital asset and the same is covered by the exception contained in Section 2(14)(iii) of the Act. In view of the examination of facts on record, we set aside the order of the CIT(Appeals) and allow the grounds raised in appeal by the assessee.
|