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2018 (7) TMI 836 - AT - Wealth-taxAgricultural land used for agricultural purposes as held as a capital asset for the purpose of Wealth tax Act - Held that:- On the similar facts, the coordinate bench of this tribunal in the case laws in the case of Devineni Lakshmi Vs. WTO Ward-2(3) [2018 (4) TMI 279 - ITAT VISAKHAPATNAM] dismissed the appeal of the revenue holding that on agricultural land, no construction is permissible as per existing laws unless the agricultural land is converted into non-agricultural land. Since facts of the assessee’s case are identical, respectfully following the view taken by this Tribunal (supra), we hold that agricultural land used for agricultural purposes cannot be held as a capital asset for the purpose of Wealth tax Act. Accordingly, we uphold the order of the Ld. CIT(A) and dismiss the appeal of the revenue.
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