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2021 (1) TMI 832 - AT - Income TaxIncome from other sources u/s 56 - Purchase of agricultural land situated outside 8 KM of municipal area - capital asset u/s 2(14) or agricultural land - assessee and Sh. Anil Parwal have jointly purchased this property - HELD THAT:- It is undisputed fact that there is no dispute to the fact that the land purchased by the assessee is an agricultural land outside 8 Km of municipal limits. Therefore, keeping in view the facts and circumstances of the case, we are of the view that the agricultural land purchased by the assessee is not a capital asset, therefore, provisions of Section 56(2)(vii)(b) of the Act are not applicable in the present case. Therefore, we direct the A.O. to delete the addition so made. - Decided in favour of assessee.
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