AO cannot treat Agricultural land as capital Asset on mere assumptions

Mohit Suresh Harchandrai Vs. ACIT (ITAT Mumbai) Assessing officer has decided the issue involved in this case without rebutting the direct and circumstantial evidence on record which is in favour of the assessee. No verification was conducted by the assessing officer to falsify the documentary and circumstantial evidence placed on record by the assessee. Even the persons who carried out the agricultural activities at the instance of the assessee were not examined to controvert the contents of the affidavits sworn by them. Before us, the counsel for the assessee placed on the record the copy of...