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2005 (3) TMI 46 - BOMBAY HIGH COURT
Sale of land – capital gain - "Whether, the assessees' land could be termed as agricultural land?" - The subject land has been purchased by a sister concern of Leela Beach Resort and as noted by the learned Income-tax Appellate Tribunal, the memorandum and articles of association of the said company show that its main object is to do agricultural operations. The learned Income-tax Appellate Tribunal has also taken note of the fact that the subject land fell in the C.R. Zone and being so, it will not be possible to be put to any construction activity. In our view the learned Income-tax Appellate Tribunal was right, in coming to the conclusion that the subject land was agricultural and the sale of the same did not invite the payment of capital gains tax – appeal dismissed