[aaykarbhavan] Land in hilly and rocky area unfit for cultivation couldn’t be deemed as agricultural land; subject to cap gains

Land in hilly and rocky area unfit for cultivation couldn't be deemed as agricultural land; subject to cap gains

August 9, 2014[2014] 47 taxmann.com 64 (Panaji)

IT : Requirement of new material or fresh tangible material coming in possession of Assessing Officer as a pre-requisite condition for reassessment is applicable only where Assessing Officer has made an assessment under section 143(3)

IT : In case of mere processing of return under section 143(1), action under section 147 can be initiated even on basis of material available with Assessing Officer in return of income filed by assessee

IT : Primary condition for treating a land as an agricultural land is that it has to be cultivable

IT : Where assessee did not disclose income from sale of land taking a plea that it was an agricultural land, in view of fact that major area of land was hilly and rocky on which cultivation was not possible, it could not be regarded as agricultural land and, thus, income arising from said portion of land was taxable under head 'capital gain'

 

Regards

Prarthana Jalan

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

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