Agricultural Land within Municipal Limits is Capital Asset for LTCG: ITAT Delhi

Jaipal Vs ITO (ITAT Delhi) Agricultural Land within Municipal Limits Treated as Capital Asset for LTCG Purposes: ITAT Delhi Facts of the Case The reassessment proceedings under sections 147/148 were initiated on account of unexplained cash deposits of ₹18,00,000 in the assessee’s bank account. During the reassessment, the Assessing Officer (AO) noticed a separate credit of ₹98,87,500 arising from the sale of land, which had not been offered to tax. Issues for Consideration 1. Scope of Reassessment – Power to Make New Additions The assessee contended that since no addition was ultimatel...