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2023 (6) TMI 1125 - AT - Income TaxAddition of long term capital gain - Addition made by AO on sale of undisputedly rural agricultural land u/s 2(14) - difference between the rural agricultural land u/s 2(14) and urban agricultural land subjected u/s 54B - HELD THAT:- AO misdirected himself in applying provision of section 54B of the Act which are applicable on urban agricultural land claiming deduction u/s 54B of the Act and not agricultural activity in showing in agricultural land carried out agricultural land activity thereon obtaining crops therefore, therefrom and thereafter in the same status rural agricultural land she sold land to 3rd party then such transaction of sale does not fall within the meaning of section 2(14) read with section 54B of the Act attracting levy of tax on account long term capital gain. Therefore, grounds of assessee are allowed and AO is directed to delete the addition. Decided in favour of assessee.
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