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HomeDirect TaxAgricultural Land Not ‘Capital Asset’, No Basis to Treat Sale As Capital...

Agricultural Land Not ‘Capital Asset’, No Basis to Treat Sale As Capital Gains: ITAT

Direct Tax

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By Mariya Paliwala
Agricultural Land Not ‘Capital Asset’, No Basis to Treat Sale As Capital Gains: ITAT

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The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside revisionary proceedings initiated under Section 263 of the Income-tax Act, held that there is no basis to treat agricultural land sale as Rs. 9.5 crore capital gains as the land is not a ‘capital asset’. The bench of Satbeer Singh Godara (Judicial Member) and…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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