Agricultural Land Capital Gain Addition Deleted in absence of development or trading intent

Bhadrabala Dhimantrai Joshi Vs ACIT (ITAT Surat) The Income Tax Appellate Tribunal, Surat Bench, adjudicated an appeal against the order of the Commissioner of Income Tax (Appeals) confirming addition of ₹1,21,92,898 for Assessment Year 2017–18. The assessee had declared income of ₹26,87,190 and claimed exemption on capital gains arising from sale of land, contending that the land was rural agricultural land not constituting a “capital asset” under Section 2(14)(iii) of the Income Tax Act. The Assessing Officer rejected this claim, holding that the land did not satisfy conditions und...