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ITAT Deletes Capital Gains & Alleged On-Money Addition: Agricultural Land Outside Section 2(14), 50C Inapplicable
Case Law Details
- Case Name
- Jignesh Harshadbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Ahmedabad
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Jignesh Harshadbhai Patel Vs ITO (ITAT Ahmedabad)
ITAT Deletes Capital Gains & Alleged On-Money Addition: Agricultural Land Outside Section 2(14), 50C Inapplicable
The Ahmedabad ITAT granted major relief to the assessee by holding that agricultural land situated beyond prescribed municipal limits does not constitute a “capital asset” under Section 2(14), and therefore no capital gains tax could be levied on its transfer. The Tribunal deleted addition of ₹44.21 lakh made as long-term capital gain and also quashed separate addition of ₹22.08 lakh made under Section 6...
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