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2012 (3) TMI 151 - KARNATAKA HIGH COURTWhether the land,subject-matter of sale is agricultural land as on the date of sale without taking into consideration the conversion of land to non-agricultural purpose - held that :-the land retained its agricultural character till the date of the order permitting non-agricultural use and thereafter it is not an agricultural land and, therefore, can be treated as capital asset.
whether the land should be treated as agricultural land and the same is exempt from capital gains in view of section 2(14) - held that sale consideration of Rs. 50 lakhs, is not a transaction involving transfer of a capital asset and, therefore, no need to bring the income referable to the capital gains part of the transfer of the asset.
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