ITAT Deletes Capital Gain as Rural Agricultural Land Is Not a Capital Asset

Advertisement Chakravati Chiman Vs ITO (ITAT Surat) Section 69B Addition Deleted Because Ancestral Land Involved No Purchase Cost; Capital Gains Addition Quashed Because Revenue Failed to Prove Land Was a Capital Asset; ITAT Allows Appeal Because Registered Records Showed Rural Agricultural Land; Section 115BBE Tax Deleted Because No Unexplained Investment Existed in Ancestral Land. The ITAT Surat allowed the assessee’s appeal for Assessment Year 2014-15 after condoning a delay of 109 days in filing the appeal. The Tribunal accepted the assessee’s explanation that he became aware of the...