Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 523 - AT - Income TaxCapital gain earned by the assessee on sale of agricultural land - Nature of land - assessee purchased the land as agricultural land, held them as agricultural land, used them for agricultural activities and finally sold them as agricultural lands only - HELD THAT:- We find that very detailed findings / reasoning has been rendered by the coordinate bench in the case of the Joint Owner[2016 (3) TMI 491 - ITAT CHENNAI]. After weighing all the surrounding circumstances as well as after considering the various judicial pronouncements, the bench reached a finding that the land could not be held to be an agricultural land. No change in facts have been demonstrated before us and facts are pari-materia the same in the present case before us. Nothing has been shown to us that the aforesaid order has been reversed in any manner by any higher judicial authority. Therefore, we see no reason to deviate from the findings of coordinate bench as above. Respectfully following the same, we reverse the order of Ld. CIT(A) and restore the assessment framed by Ld. AO.
|