[aaykarbhavan] ITAT teaches basics to AO - Agricultural land situated beyond 8 K.Ms. of municipal limits isn’t a capital asset

ITAT teaches basics to AO - Agricultural land situated beyond 8 K.Ms. of municipal limits isn't a capital asset

August 6, 2014[2014] 46 taxmann.com 452 (Jodhpur - Trib.) (TM)/[2014] 163 TTJ 1 (Jodhpur - Trib.) (TM)

IT : Where assessee sold a piece of land during relevant year, in view of fact that land was situated beyond eight kilometers from local municipal limits and, moreover, it was actually cultivated throughout period of holding, said land was to be regarded as agricultural land and, thus income earned from sale of it could not be brought to tax

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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