This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Agricultural land situated in rural area is outside the purview of expression ‘capital asset’
Case Law Details
- Case Name
- DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Ahmedabad
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad)
CIT(A) has rightly concluded that the agricultural land parcels being situated in the rural area is outside the purview of expression ‘capital asset’ defined in Section 2(14) of the Act. Consequently, the rural agricultural land in question not being a capital asset is not susceptible to tax under s.45 r.w.s. 48 of the Act. The capital gains arising on sale of rural agricultural land (new asset) is thus outside the purview of taxation at the threshold.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
The captioned appeal has been ...
