Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1348 - AT - Income TaxNature of land sold - sale of agricultural land - AO held that the land sold by the assessee is clearly capital asset within the meaning of Section 2(14) (iii) (a) as it is situated within the notified area of Taj Express Way Industrial Development Authority - Held that:- Merely observing that there was no agricultural product sold in the particular Financial Year under consideration and the certificate given by the Tehsildar is not that of relevant Assessment Year, cannot prove that the assessee has not proved his proper purchase and sold of the agricultural land. CIT(A) as well as AO made addition only on the ground that the said land is situated at the notified area of Taj Express Way Industrial Development Authority. The assessee has given all the documents before the CIT(A) as well as the Assessing Officer. As seen from the documents that the land was purchased and sold for agricultural purpose and there is no change of the utilization of the land. Land is not coming under the purview of notified area as per the certificate given by the Tehsildar. Thus, the said property does not come under the purview of Section 2(14) (iii) (a) as defined for capital asset. - Decided in favour of assessee
|